2025-07-22 Capital One Financial Corporation (COF) Q2 2025 Earnings Call Transcript
Capital One Financial Corporation (NYSE:COF) Q2 2025 Earnings Conference Call July 22, 2025 5:00 PM ET
Company Participants
Jeff Norris - Senior Vice President of Finance
Richard Fairbank - Founder, Chairman, CEO & President
Andrew Young - Chief Financial Officer
Conference Call Participants
Terry Ma - Barclays Bank PLC, Research Division
Richard Shane - JPMorgan Chase & Co, Research Division
Sanjay Sakhrani - Keefe, Bruyette, & Woods, Inc., Research Division
Ryan Nash - Goldman Sachs Group, Inc., Research Division
L. Erika Penala - UBS Investment Bank, Research Division
Moshe Orenbuch - TD Cowen, Research Division
Donald Fandetti - Wells Fargo Securities, LLC, Research Division
John Pancari - Evercore ISI Institutional Equities, Research Division
Jeffrey Adelson - Morgan Stanley, Research Division
Brian Foran - Truist Securities, Inc., Research Division
John Hecht - Jefferies LLC, Research Division
Operator
Good day, and thank you for standing by. Welcome to the Capital One Second Quarter 2025 Earnings Call. Please be advised that today's conference is being recorded. \[Operator Instructions]
各位好，感谢您的耐心等待。欢迎参加Capital One 2025年第二季度财报电话会议。请注意，今天的会议正在录音。\[操作员说明]
I would now like to hand the conference over to your speaker today, Jeff Norris, Senior Vice President of Finance. Please go ahead.
现在我将电话会议交给今天的主持人——Capital One财务部高级副总裁Jeff Norris，请开始。
Jeff Norris
Thanks very much, Josh, and welcome, everybody.
非常感谢你，Josh，欢迎大家参加今天的会议。
Just a few opening remarks. To access the live webcast of this call, please go to the Investors section of Capital One's website, capitalone.com. A copy of the earnings presentation, press release and financial supplement can also be found on the Investors section of Capital One's website by selecting Financials then Quarterly Earnings Releases.
在会议开始之前我简单介绍一下。要收看本次电话会议的直播，请访问Capital One官网的投资者关系部分：capitalone.com。财报演示文稿、新闻稿和财务补充材料也可以在网站的投资者关系页面中“财务信息”下的“季度财报发布”中找到。
With me tonight are Mr. Richard Fairbank, Capital One's Chairman and Chief Executive Officer; and Mr. Andrew Young, Capital One's Chief Financial Officer. Rich and Andrew are going to walk you through the presentation, summarizing our second quarter results for 2025.
今晚与我一同出席会议的还有Capital One董事长兼首席执行官Richard Fairbank先生，以及首席财务官Andrew Young先生。Rich和Andrew将带领大家一起回顾演示材料，并总结我们2025年第二季度的业绩表现。
Please note that this presentation may contain forward-looking statements. Information regarding Capital One's financial performance and any forward-looking statements contained in today's discussion and the materials speak only as of the particular date or dates indicated in the materials. Capital One does not undertake any obligation to update or revise any of this information, whether as a result of new information, future events or otherwise. Numerous factors could cause our actual results to differ materially from those described in forward-looking statements. And for more information on these factors, please see the section titled Forward-looking Information in the earnings release presentation and the Risk Factors section of our annual and quarterly reports accessible at Capital One's website and filed with the SEC.
请注意，本次演示可能包含前瞻性声明。与Capital One财务表现相关的信息及本次讨论和材料中的前瞻性陈述，仅反映材料中所列日期的情况。Capital One不承担因新信息、未来事件或其他原因而更新或修订这些信息的义务。许多因素可能导致我们的实际结果与前瞻性陈述中描述的情况存在重大差异。有关这些因素的更多信息，请参阅财报发布演示材料中的“前瞻性信息”部分，以及我们在Capital One官网和向SEC提交的年度与季度报告中的“风险因素”部分。
And with that, I'll turn the call over to Mr. Fairbank. Rich?
现在我将电话交给Fairbank先生。Rich，请开始。
Richard Fairbank
Thanks, Jeff, and good evening to everyone on tonight's call.
谢谢你，Jeff，大家晚上好，欢迎参加今晚的电话会议。
I want to begin tonight by welcoming our colleagues at Discover to the Capital One journey. As you know, we completed our acquisition of Discover on May 18, and we're fully mobilized and hard at work on integration, which is going well. It's still early days, but we very much like what we've seen so far. We share key cultural attributes with Discover, including a deep shared commitment to customers, and we're as excited as ever by the expanding set of opportunities to grow and create value as a combined company.
今晚我想首先欢迎Discover的同事正式加入Capital One大家庭。如各位所知，我们已于5月18日完成对Discover的收购，目前已全面动员，正在积极推进整合工作，目前进展顺利。虽然仍处于早期阶段，但我们对目前所见的一切感到非常满意。我们与Discover拥有诸多共同的文化特质，尤其是对客户服务的深度承诺。随着公司合并后的机会不断扩展，我们对未来的增长与价值创造前景感到无比振奋。
From our founding days, we've been on a quest to build a great financial institution, an integrated banking and global payments platform that's positioned at the forefront of the opportunities that will come as technology and data transform financial services. Discover enhances and accelerates our progress on this quest. I'll share additional thoughts on the hard work, investments and compelling opportunities we see going forward at the conclusion of tonight's call.
从创立之初，我们就致力于打造一家伟大的金融机构——一个融合银行与全球支付的平台，能够站在金融科技与数据变革浪潮的最前沿。Discover的加入将进一步增强并加速我们实现这一目标的进程。在今晚的电话会议尾声，我还将分享一些关于未来努力方向、投资计划以及我们所看到的重大机遇的进一步思考。
But for now, I'll turn the call over to Andrew to discuss the balance sheet and purchase accounting impacts of the deal as well as our financial performance in the second quarter. Andrew?
接下来我将电话交给Andrew，请他介绍此次交易在资产负债表和购并会计处理方面的影响，以及我们第二季度的财务表现。Andrew，请开始。
Andrew Young
Thanks, Rich, and good afternoon, everyone. I will start on Slide 3 of tonight's presentation.
谢谢你，Rich，大家下午好。我将从今晚演示材料的第3页开始讲解。
As Rich just discussed, we closed the acquisition of Discover on May 18. We have now completed provisional purchase accounting and incorporated Discover's business lines into our reported segments, with Discover's domestic card and personal loans now included in our Credit Card segment, and Discover's deposits and network businesses in our Consumer segment.
正如Rich刚才所说，我们已于5月18日完成对Discover的收购。目前我们已完成初步的购并会计处理，并将Discover的各项业务线纳入我们的报告分部结构中：Discover的美国信用卡与个人贷款业务并入我们的信用卡分部，存款与支付网络业务并入我们的消费者银行分部。
As part of the acquisition, we acquired $98.3 billion of domestic card loans with a net fair value discount of $220 million. We also acquired $9.9 billion of personal loans with a net fair value discount of $114 million. And we acquired $106.7 billion of deposits with a net fair value discount of $30 million. The amortization of these net fair value marks decreased net interest income by $85 million in the quarter. The full loan and deposit amortization schedule is included on Slide 17 of the appendix. We also acquired $7.9 billion of home loans, which have been marked as held for sale and are now included in discontinued operations.
此次收购中，我们获得了983亿美元的美国信用卡贷款，公允价值折价为2.2亿美元；获得了99亿美元的个人贷款，折价为1.14亿美元；还获得了1,067亿美元的存款，折价为3,000万美元。这些公允价值折价的摊销使我们本季度的净利息收入减少了8,500万美元。贷款与存款摊销的详细计划列在附录的第17页。此外，我们还收购了79亿美元的住房贷款，这部分资产已被归类为“待出售”，并计入“终止经营”。
The net credit mark on the Discover loan portfolio increased the allowance on the balance sheet by \$8.4 billion, with \$8.8 billion of provision expense for non-PCD loans flowing through the P\&L. I will discuss the allowance in greater detail in a moment.
Discover贷款组合的信用折价使资产负债表上的准备金增加了84亿美元，其中88亿美元的拨备费用来自非PCD贷款，并计入了利润表。关于准备金的细节，我稍后会进一步说明。
There were multiple amortizing intangibles created as a result of the acquisition. We recognized a core deposit intangible of \$1 billion, a purchase credit card relationships intangible of \$10.3 billion and network and financial partner relationships intangibles of \$1.5 billion. The amortization of these intangibles increased noninterest expense by \$255 million in the second quarter. We have included a full intangible amortization schedule on Slide 18 in the appendix. We also recognized 2 intangibles with indefinite lives: a network intangible of \$3.1 billion and brand and trade name intangibles of \$2.3 billion. And finally, we recorded goodwill of \$13.2 billion.
此次收购也产生了多项可摊销的无形资产。我们确认了10亿美元的核心存款无形资产、103亿美元的信用卡客户关系无形资产，以及15亿美元的网络与金融合作伙伴关系无形资产。第二季度，这些无形资产的摊销导致非利息费用增加了2.55亿美元。完整的无形资产摊销计划已列于附录第18页。此外，我们还确认了两项无固定年限的无形资产：31亿美元的网络无形资产，以及23亿美元的品牌与商标无形资产。最后，我们确认了132亿美元的商誉。
Including the impact of purchase accounting and the allowance build, the partial quarter impact of the legacy Discover businesses contributed \$2 billion of revenue and a \$6.4 billion net loss to the results from continuing operations.
综合购并会计处理和准备金增加的影响，Discover原有业务在本季度的部分期间中，贡献了20亿美元的营收，但在持续经营业务中带来了64亿美元的净亏损。
I'll also note that as we bring the 2 companies together, there are financial reporting presentation realignments and business changes that impacted the reporting geography of revenue, marketing and operating expense recognition. In total, these moves increased the operating efficiency by roughly 30 basis points and the total efficiency by roughly 15 basis points in the second quarter. Looking ahead, we expect the run rate impact of these changes to result in a roughly 90 basis point increase to the operating efficiency ratio and a roughly 50 basis point increase to the total efficiency ratio, all else equal.
我还想指出，随着我们整合两家公司，财务报告呈现方式和部分业务结构也做出调整，影响了营收、营销费用和运营费用的归属区域。这些变动在第二季度合计提升了大约30个基点的运营效率比，以及大约15个基点的整体效率比。展望未来，如果其他条件不变，我们预计这些调整将使运营效率比提高约90个基点，整体效率比提高约50个基点。
There is no impact from the reclassifications to the timing of recognition in either the second quarter or in future quarters, so the net impact to the bottom line is negligible.
这些科目重分类不会对第二季度或未来各季度的确认时点产生影响，因此对净利润的影响可以忽略不计。
Turning to Slide 4, I'll cover the second quarter financial highlights for the combined company. Our results for the quarter were significantly impacted by the completion of the Discover acquisition. On a GAAP basis, we had a net loss of \$4.3 billion or a loss of \$8.58 per diluted common share. Included in the results for the quarter were multiple adjusting items related to Discover as well as a small addition to our legal reserves. Net of these adjusting items, net income in the quarter was \$2.8 billion and diluted earnings per share was \$5.48.
请看第4页，我将介绍合并后公司的第二季度财务亮点。本季度的业绩显著受到完成Discover收购交易的影响。根据GAAP会计准则，我们录得净亏损43亿美元，摊薄后每股亏损为8.58美元。该季度的财报中包含了多项与Discover相关的调整项目，以及少量法律准备金的增加。剔除这些调整项目后，本季度净利润为28亿美元，摊薄后每股收益为5.48美元。
There was also 1 notable item in the quarter. A law change in the state of California increased our effective tax rate but also created a onetime \$128 million tax benefit as a result of truing up our deferred tax assets.
本季度还有一个值得一提的特殊项目。加州税法的变更提高了我们的实际税率，但也因我们对递延税项资产进行调整，带来了1.28亿美元的一次性税收收益。
Revenue in the second quarter increased \$2.5 billion or 25% compared to the first quarter. Adjusted revenue increased 26% or \$2.6 billion. Noninterest expense increased 18% or 14% net of adjustments.
第二季度的收入较第一季度增长25%，增加了25亿美元。经调整后收入增长26%，即增加26亿美元。非利息支出增长了18%，剔除调整项后增长14%。
Pre-provision earnings in the second quarter were up 34% relative to the first quarter. Net of adjustments, pre-provision earnings increased by 40%. The increase in pre-provision earnings was largely driven by the partial quarter impact of Discover, while also benefiting from strong legacy Capital One results.
税前拨备利润环比增长34%。若剔除调整项，税前拨备利润增长40%。本季度税前拨备利润的提升主要源自Discover在并表后的部分季度贡献，同时也得益于Capital One原有业务的强劲表现。
On a GAAP basis, our provision for credit losses was \$11.4 billion in the quarter. Excluding the \$8.8 billion initial allowance build for Discover, provision for credit losses was \$2.7 billion, an increase of \$294 million compared to the prior quarter. The increase was more than driven by \$324 million in higher net charge-offs. A decline in charge-offs at legacy Capital One was more than entirely offset by the addition of the partial quarter of the Discover portfolio.
按照GAAP计算，我们本季度的信贷损失拨备为114亿美元。若剔除为Discover建立的88亿美元初始准备金，本季度拨备为27亿美元，较上一季度增长2.94亿美元。其中主要增长来自3.24亿美元的净核销增加。虽然Capital One原有业务的核销有所下降，但Discover并表后的核销贡献完全抵消了这一下降，甚至略有超过。
Turning to Slide 5, I'll now cover the allowance in greater detail. We built \$7.9 billion of allowance in the quarter, bringing the allowance balance to \$23.9 billion. The primary drivers of the change in allowance related to the Discover acquisition included an \$8.8 billion expense for non-PCD loans and a \$2.9 billion initial allowance for PCD loans offset by a \$3.3 billion benefit from the expected recoveries of acquired Discover loans that are fully charged off. Excluding these Discover impacts, the allowance balance declined by approximately \$400 million. Our total portfolio coverage ratio increased 52 basis points to 5.43% driven largely by the mix shift of our portfolio.
请看第5页，我将更详细地介绍准备金。本季度我们增加了79亿美元的准备金，使总准备金余额达到239亿美元。本次变化的主要驱动因素与Discover收购相关，包括88亿美元的非PCD贷款拨备、29亿美元的PCD贷款初始拨备，这两项被33亿美元的完全核销Discover贷款预期回收抵销。若剔除Discover的影响，准备金余额下降了约4亿美元。由于资产组合结构的变化，我们的整体贷款组合覆盖率上升了52个基点，至5.43%。
I'll cover the drivers of the changes in allowance and coverage ratio by segment on Slide 6. In our Credit Card segment, we built approximately \$8 billion of allowance in the quarter. Roughly \$760 million of the build is driven by the acquisition of Discover's personal loan portfolio, with the remaining \$7.2 billion build in the domestic card business. The domestic card build was driven by 2 factors. First, we released approximately \$400 million of allowance in the legacy Capital One portfolio. This legacy card release was driven by continued favorable credit performance in the quarter partially offset by modestly worse economic outlook. And second, we built \$7.6 billion of allowance for the Discover domestic card loans added in the quarter.
请看第6页，我将按业务板块说明拨备和覆盖率变化的驱动因素。在信用卡业务方面，我们本季度共建立了约80亿美元的准备金。其中约7.6亿美元来自Discover个人贷款组合的并入，剩余72亿美元用于美国本土信用卡业务。这部分准备金增长由两个因素推动：首先，我们对Capital One原有信用卡组合释放了约4亿美元的拨备，这主要反映了本季度持续良好的信用表现，尽管略有被经济前景的轻微恶化所抵消；其次，我们为本季度新增的Discover本土信用卡贷款建立了76亿美元的准备金。
The combination of incorporating an updated economic outlook, aligning allowance methodologies and reserving for growth in the portfolio led to a roughly \$400 million increase in the allowance for Discover's card loans relative to the equivalent balance as a stand-alone company at the end of Q1. The consolidated domestic card coverage ratio now stands at 7.62%.
由于采用了更新后的经济前景假设、统一了拨备计算方法，并针对组合增长进行了准备，相比Discover在第一季度末作为独立公司时的水平，其信用卡拨备增加了约4亿美元。合并后的美国本土信用卡组合覆盖率目前为7.62%。
The allowance balance in our Consumer Banking segment was largely flat at \$1.9 billion. Observed credit favorability and the impact of stable auction prices was largely offset by growth in the auto business. The ending coverage ratio of 2.29% was down 8 basis points from the prior quarter. And finally, the commercial banking allowance balance of \$1.5 billion and coverage ratio of 1.74% are largely flat to the prior quarter.
消费者银行板块的准备金余额基本持平，为19亿美元。本季度信用表现持续向好，拍卖价格保持稳定，但这些有利因素基本被汽车贷款业务增长所抵消。最终的覆盖率为2.29%，较上季度下降8个基点。最后，商业银行的准备金余额为15亿美元，覆盖率为1.74%，基本与上一季度持平。
Turning to Page 7, I'll now discuss liquidity. Total liquidity reserves ended the second quarter at \$144 billion, up roughly \$13 billion relative to last quarter. Our cash position sits at \$59.1 billion, up \$10.5 billion from the prior quarter. The increase in cash was primarily driven by proceeds from the sale of a portion of Discover's securities as well as the addition of acquired cash from Discover. Our preliminary average liquidity coverage ratio increased slightly during the second quarter to 157% and our average NSFR remained roughly flat at 136%.
请看第7页，下面我将介绍流动性情况。第二季度末，我们的流动性储备总额为1,440亿美元，较上一季度增加约130亿美元。现金头寸为591亿美元，环比增长105亿美元。现金增长主要来自出售Discover部分证券的收益以及Discover并表带来的新增现金。我们的初步流动性覆盖率（LCR）在第二季度小幅上升至157%，而净稳定资金率（NSFR）平均值维持在约136%的水平。
Turning to Page 8, I'll cover our net interest margin. Our second quarter net interest margin was 7.62%, 69 basis points higher than the prior quarter. The partial quarter impact of adding Discover increased NIM by roughly 40 basis points. This 40 basis point increase includes the roughly offsetting effects of a 6 basis point drag from the fair value marks and a 6 basis point tailwind from changing Discover's historical practice to now include late fees in interest income. The remaining nearly 30 basis point improvement in NIM was driven by legacy Capital One, which had lower rate paid on deposits, a liability mix shift towards deposits and 1 additional day in the quarter. Looking ahead, we expect the full quarter benefit from the Discover acquisition to drive an additional 40 basis point increase to NIM, all else equal.
请看第8页，我将介绍净息差情况。第二季度我们的净息差为7.62%，较上季度提升69个基点。其中，Discover并表带来的部分季度贡献推动净息差上升约40个基点。该40个基点的增长中，包括了两个基本相互抵消的因素：公允价值调整带来的6个基点拖累，以及将Discover历史上不计入的逾期费用现改为计入利息收入带来的6个基点正向影响。剩余近30个基点的净息差提升则主要来自Capital One原有业务，包括存款付息率下降、负债结构向存款倾斜，以及本季度多出的一天。展望未来，若其他条件不变，我们预计Discover并表带来的完整季度效应将再额外提升净息差约40个基点。
Turning to Slide 9, I will end by discussing our capital position. Our common equity Tier 1 capital ratio ended the quarter at 14%, approximately 40 basis points higher than the prior quarter. The impact of the equity issuance for the acquisition was partially offset by the additional goodwill and intangible assets, the increase in risk-weighted assets, the net loss in the quarter, dividends and \$150 million of share repurchases.
请看第9页，最后我将讲解资本状况。本季度末，我们的普通股一级资本充足率（CET1）为14%，较上季度提高约40个基点。本次收购带来的股权融资提升了资本水平，但部分被新增商誉和无形资产、风险加权资产上升、季度净亏损、股息派发以及1.5亿美元的股票回购所抵消。
During the quarter, the Federal Reserve released the results of their stress test. Our preliminary stress capital buffer requirement is 4.5%, resulting in a CET1 need of 9%. The new SCB becomes effective on October 1.
本季度，美联储发布了压力测试结果。我们的初步压力资本缓冲（SCB）要求为4.5%，这意味着我们的最低CET1要求为9%。新的SCB将于10月1日起生效。
Now that we've closed the Discover transaction, we are working through our internal modeling of the combined company's capital need and look forward to sharing an update once our work is complete.
随着Discover交易的完成，我们正在开展合并后公司资本需求的内部建模工作，并将在工作完成后向大家更新进展。
With that, I will turn the call back over to Rich.
接下来，我将电话交还给Rich。
Richard Fairbank
Thanks, Andrew. Slide 11 shows second quarter results in our Credit Card business. Credit Card segment results are largely a function of our domestic card results and trends, which are shown on Slide 12. The Discover acquisition was the dominant driver of second quarter domestic card results, including the impact of a partial quarter of combined operations, a combined quarter-end balance sheet and purchase accounting effects.
谢谢你，Andrew。请看第11页，这一页展示了我们信用卡业务在第二季度的表现。信用卡板块的整体结果主要取决于美国本土信用卡业务的表现与趋势，这些内容展示在第12页。Discover的并表是第二季度本土信用卡业务表现的主导因素，其中包括部分季度的合并运营、合并后的季度末资产负债表以及购并会计处理的影响。
Looking through the Discover impact, the combined domestic card business delivered another quarter of top line growth, strong margins and improving credit. Year-over-year purchase volume growth for the quarter was 22%, which includes \$26.5 billion of Discover purchase volume. Excluding Discover, year-over-year purchase volume growth was about 6%. Ending loan balances increased 72% and largely as a result of adding \$99.7 billion of Discover card loans. Excluding Discover, ending loans grew about 4% year-over-year.
撇除Discover带来的影响，合并后的美国本土信用卡业务在本季度再次实现营收增长、利润率强劲及信用表现改善。季度内的消费交易总额同比增长22%，其中包括Discover贡献的265亿美元交易额。若剔除Discover，消费额同比增长约6%。期末贷款余额同比增长72%，主要由于Discover并表带来了997亿美元的信用卡贷款。剔除Discover后，期末贷款余额同比增长约4%。
消费额和贷款余额的增长都不如AXP，PE是12.85，远低于AXP的20。
And revenue was up 33% from the second quarter of 2024 driven largely by adding the partial quarter of Discover revenue. Excluding Discover, year-over-year revenue growth was about 8% driven by underlying growth in purchase volume and loans. Revenue margin for the quarter was 17.3%, including a 121 basis point impact from the partial quarter of combined operations and amortization of the purchase accounting fair value mark. Excluding these Discover impacts, revenue margin would have been 18.5%.
本季度收入同比增长33%，主要由Discover部分季度营收的并入所推动。若剔除Discover影响，收入同比增长约8%，这主要得益于交易额和贷款余额的基础性增长。本季度的收入利润率为17.3%，其中包括部分合并运营及购并会计公允价值摊销带来的121个基点影响。若不计入这些Discover相关影响，收入利润率将为18.5%。
The domestic card net charge-off rate was 5.25%, down 80 basis points from the prior year quarter. The 30-plus delinquency rate was 3.60%, down 54 basis points from the prior year. These metrics were impacted by the addition of Discover, which has historically had lower losses and delinquencies than Capital One. The delinquency metric was also impacted by aligning methodologies between Discover and Capital One. Capital One's legacy domestic card portfolio would have had a net charge-off rate of 5.50%, down 55 basis points year-over-year; and a 30-plus delinquency rate of 3.92%, down 22 basis points from the prior year.
美国本土信用卡的净核销率为5.25%，较去年同期下降80个基点；30天以上逾期率为3.60%，同比下降54个基点。这两个指标均受到Discover并表的影响，因其历史上在损失率和逾期率方面低于Capital One。此外，为统一Discover与Capital One的计算方法，逾期率指标也受到了影响。若仅看Capital One原有的本土信用卡组合，其净核销率为5.50%，同比下降55个基点；30天以上逾期率为3.92%，同比下降22个基点。
Capital One's card delinquencies have been improving on a seasonally adjusted basis since October of last year and our losses have been improving since January of 2025. Discover's card credit metrics peaked about a quarter later, but are now improving steadily following a similar path to what we observe on the legacy Capital One portfolio. Domestic card noninterest expense was up 42% compared to the second quarter of 2024. Operating expense and marketing both increased year-over-year. Total company marketing expense in the quarter was \$1.35 billion, up 26% year-over-year.
Capital One的信用卡逾期率在去年10月起（经季节性调整）开始改善，而损失率则自2025年1月起呈现改善趋势。Discover的信用卡信用指标高点晚了一个季度左右，但目前也在稳定改善，走势与Capital One原有组合基本一致。本季度美国本土信用卡的非利息费用同比增长42%。运营费用和市场营销费用均有同比增长。整个公司本季度的营销支出为13.5亿美元，同比增长26%。
Our choices in domestic card are the biggest driver of total company marketing. We continue to see compelling growth opportunities in our domestic card business. Our marketing continues to deliver strong new account growth across the domestic card business and build an enduring franchise with heavy spenders at the top of the market. Compared to the second quarter of 2024, domestic card marketing in the quarter included the addition of Discover marketing, higher direct response marketing, higher media spend and increased investment in premium benefits and differentiated customer experiences.
我们在美国本土信用卡业务上的决策是推动整个公司市场营销支出的最大因素。我们继续看到该业务具有令人信服的增长机会。我们的营销持续在整个本土信用卡业务中带来强劲的新账户增长，同时在高端消费人群中打造出可持续的品牌影响力。与2024年第二季度相比，本季度的本土信用卡营销包括了Discover的营销整合、更高的直投营销支出、更大的媒体投放支出，以及对高端权益和差异化客户体验的投资加大。
As always, all of our marketing and origination choices are informed by our continuous monitoring of portfolio trends, market conditions, and consumer and competitor behaviors.
一如既往，我们所有的市场营销和客户拓展决策都建立在我们对资产组合趋势、市场环境、消费者行为以及竞争对手动向的持续监控之上。
Slide 13 shows second quarter results in our consumer banking business. Global payment network transaction volume from the May 18 close of the Discover acquisition through quarter end was about $74 billion. Auto originations were up 28% from the prior year quarter driven by overall market growth and our strong position to pursue resilient growth in the current marketplace. Consumer banking ending loan balances increased $5.6 billion or about 7% year-over-year. Average loans were up 6%. Compared to the year-ago quarter, ending consumer deposits grew at 36% and average consumer deposits were up about 21% driven largely by the addition of Discover deposits.
第13页展示了我们第二季度在消费银行业务方面的业绩表现。从5月18日完成对Discover的收购至季度末，全球支付网络的交易额约为740亿美元。汽车贷款发放量同比增长28%，受益于整体市场增长以及我们在当前市场环境中具备的韧性增长能力。消费银行期末贷款余额同比增长56亿美元，约为7%；平均贷款余额同比增长6%。与去年同期相比，期末消费者存款增长了36%，平均消费者存款增长约21%，主要受Discover存款并表推动。
Looking through the Discover impact, our digital-first national consumer banking business continues to grow and gain traction, powered by our technology information and our compelling no fees, no minimums and no overdraft fees customer value proposition.
若剔除Discover的影响，我们以数字化为先导的全国性消费银行业务继续保持增长并获得市场关注，这一表现得益于我们的技术能力和“无费用、无最低存款、无透支费”的吸引力客户价值主张。
Consumer banking revenue for the quarter was up about 16% year-over-year driven predominantly by the partial quarter of Discover as well as growth in auto loans. Noninterest expense was up about 37% compared to the second quarter of 2024 driven largely by the partial quarter of Discover as well as increased auto originations, the legal reserve addition that Andrew mentioned, higher marketing to drive growth in our national consumer banking business and continued technology investments.
本季度消费银行收入同比增长约16%，主要得益于Discover部分季度并表以及汽车贷款业务增长。非利息支出同比增长约37%，这主要由于Discover部分季度并表、汽车贷款发放增加、Andrew提到的法律准备金增加、用于推动全国消费银行业务增长的更高营销支出以及持续的技术投入。
The auto charge-off rate for the quarter was 1.25%, down 56 basis points year-over-year. Largely as the result of our choice to tighten credit and pull back in 2022, auto charge-offs are improving on a seasonally adjusted basis. The 30-plus delinquency rate was 4.84%, down 83 basis points year-over-year.
本季度汽车贷款的核销率为1.25%，同比下降56个基点。这一改善主要源于我们在2022年作出的信贷收紧和适度退出决策。经季节性调整后，汽车贷款的核销率持续改善。30天以上的逾期率为4.84%，同比下降83个基点。
Slide 14 shows second quarter results for our commercial banking business. Compared to the linked quarter, both ending and average loan balances were up 1%. Ending deposits were down about 2% from the linked quarter. Average deposits were down 4%. We continue to manage down selected less attractive commercial deposit balances. Second quarter revenue was up 6% from the linked quarter and noninterest expense was up by about 1%.
第14页展示了我们第二季度商业银行业务的业绩表现。与上季度相比，期末贷款余额和平均贷款余额均增长1%。期末存款余额环比下降约2%，平均存款余额下降4%。我们持续有策略地压降部分吸引力较低的商业存款余额。第二季度收入环比增长6%，非利息支出环比增长约1%。
The commercial banking annualized net charge-off rate for the second quarter increased 22 basis points from the sequential quarter to 0.33%. The commercial criticized performing loan rate was 5.89%, down 52 basis points compared to the linked quarter. The criticized nonperforming loan rate was down 10 basis points to 1.30%.
第二季度商业银行年化核销率环比上升22个基点至0.33%。商业银行可疑但仍履约贷款比率为5.89%，较上季度下降52个基点；不可履约可疑贷款比率下降10个基点至1.30%。
As we close this presentation and before we open it up for Q&A, I want to pull up and reflect not just on the quarter but also on where we are.
在我们结束本次报告并进入问答环节之前，我想稍作总结，回顾的不仅是这个季度的表现，还有我们当前所处的阶段。
In the second quarter, bringing on Discover for a partial quarter and the related purchase accounting impacts dominated our reported results. But looking through these effects, our adjusted earnings top line growth, credit results and capital generation continued to be strong. We completed the Discover acquisition on May 18, and we continue to be very excited about the opportunity. Here are some early financial observations. They are, of course, still subject to change, but we wanted to share our thoughts with you.
在第二季度中，Discover并入了部分季度的财务报表，与之相关的购买会计处理对我们的报告结果产生了主导影响。但剔除这些影响后，我们的调整后盈利、收入增长、信用表现和资本生成能力依然强劲。我们于5月18日完成了对Discover的收购，对这一机遇仍感到非常兴奋。以下是我们的一些初步财务观察，尽管这些数据仍可能发生变化，但我们希望在此与大家分享我们的思路。
Let me start with integration costs. Our integration budget covers a wide array of expenses, including deal costs, moving Discover on to our tech stack, integrating their products and experiences, making additional investments in risk management and compliance, and integrating the talent and taking care of the associates along the way. The integration is off to a great start. But as we have gotten more granularity on each of these efforts, we expect our integration costs will be somewhat higher than our previously announced $2.8 billion.
先谈谈整合成本。我们的整合预算涵盖了广泛的费用类别，包括交易成本、将Discover迁移至我们的技术平台、整合其产品与客户体验、在风险管理与合规方面的额外投入、整合人才并妥善安置员工等。目前整合工作进展顺利，但随着我们对各项工作细节了解得更深入，我们预计整合成本将略高于此前公布的28亿美元。
Let me turn now to synergies. We are on track to deliver the $2.5 billion in total net synergies we discussed on the April earnings call. There are significant cost savings and also significant real revenue synergies, and we have line of sight to achieving them.
接下来谈谈协同效应。我们有信心实现在4月财报电话会议上提到的25亿美元净协同效益目标。这其中既包括显著的成本节约，也包括切实可行的收入协同，而且我们已经具备实现这些协同的可见路径。
I also want to savor this moment and where we are. We are on the cusp of even greater opportunities down the road. These opportunities come both from this deal and also from Capital One's transformation to be at the frontier of a rapidly changing marketplace. These opportunities are exciting, but they will require significant investment to bring them home.
我也想认真体会一下我们当前所处的重要时刻。我们正站在通往更大机遇的门槛上。这些机遇既来自于本次交易，也源自Capital One在不断变革中始终站在市场最前沿的战略转型。这些机会令人振奋，但要真正实现它们，需要持续大量的投入。
Let me start with the opportunities with Discover. The revenue synergies we have already identified come from moving our debit business and a portion of our credit business onto the Discover network. To move more volume and capitalize on the tremendous scale benefits of the network, we need to achieve greater international acceptance and then build a global network brand. This will enable moving bigger spenders on to the Discover network. These additional moves require sustained investment for a number of years, and we will begin to undertake these investments first in acceptance and then when we get the network to critical mass, we will invest in the network brand.
先谈谈与Discover相关的机遇。目前我们已识别出的收入协同效应，主要来自将我们的借记卡业务以及部分信用卡业务迁移到Discover网络上。要提升交易量并充分释放网络的规模效益，我们需要实现更广泛的国际受理能力，并进一步打造一个全球性的网络品牌。这将使我们有能力将高消费人群迁移到Discover网络上。这些举措需要多年持续性的投入，我们会先从提升网络受理能力开始，当网络达到关键规模后，再投入资源建设网络品牌。
There are only 2 banks in the world with their own network, and we are one of them. We are moving to capitalize on this rare and valuable opportunity.
目前全球只有两家银行拥有自己的支付网络，而我们是其中之一。我们正努力把握这个稀缺且极具价值的战略机会。
With all the discussion of Discover, we can lose sight of the very important place legacy Capital One is in. We are in the 13th year of an all-in technology transformation. While most companies have invested in transforming technology at the top of the tech stack, in other words, leading with customer-facing applications, we have taken the much harder but ultimately necessary journey. We have been rebuilding the company from the bottom of the tech stack up, essentially building a modern technology company that does banking. As we move up the tech stack, the opportunities are accelerating.
在谈论Discover的过程中，或许我们会忽略了Capital One自身的重要进程。我们正处在全面技术转型的第13个年头。与大多数公司优先从技术栈顶层，也就是面向客户的应用程序层开始转型不同，我们走了一条更艰难但更根本的道路——从技术栈底层向上重建整个公司，本质上是在打造一家以科技为核心的现代银行。随着我们在技术栈中逐步上移，相关的机会也在不断加速涌现。
We are also the beneficiary of decades of investment in our data and analytics capabilities and the building of a well-known national brand. Together with our leading technology capabilities, they are the enablers of our many opportunities.
此外，我们还受益于数十年来对数据与分析能力的持续投资，以及我们全国知名品牌的建设。这些与我们领先的科技能力相结合，共同为我们创造众多发展机遇提供了强有力的支撑。
Take our retail bank. The universal playbook in banking is to build a national bank through acquisitions. However, we are doing it organically on the shoulders of our modern tech stack, our full-service digital banking offerings, our thin physical distribution of showroom branches, and our national brand. We are enjoying a lot of traction, and the acquisition of a network propels us forward even more. Building the national bank requires sustained investment in marketing, and we are doing that, and we expect to lean in even more.
以我们的零售银行为例，银行业普遍的做法是通过并购来打造全国性银行。而我们则选择了一条有机增长的路径，依托现代技术架构、完善的数字银行服务、精简但有展示作用的线下网点布局以及我们的全国品牌影响力。目前我们已获得了广泛的市场响应，而对支付网络的收购更进一步加速了我们的前进步伐。打造全国性银行需要持续性的市场投入，我们已经在这么做，并计划进一步加大力度。
Let me turn to our card business. After building a mass market credit card business, we declared in 2010, we were launching a quest to win at the top of the market with heavy spenders. Few card players have chosen sustainably to take on this quest. We have been steadfast. We have had a lot of success in this journey, but it is a long one. Our 2 biggest competitors are investing heavily, and we know we will need to keep leaning into this big opportunity.
接下来谈谈我们的信用卡业务。在打造大众市场信用卡业务之后，我们在2010年明确表示，将发起一项新征程：赢得高端市场、吸引高消费用户。很少有信用卡公司愿意长期投入、持续挑战这一市场，而我们始终坚定前行。在这条旅程中我们已经取得了诸多成功，但这是一场持久战。我们的两大竞争对手也在该领域重金投入，我们深知必须持续加码，才能把握住这个巨大的机会。
As we have moved up the tech stack, we have seized the opportunity to pursue emerging growth opportunities across our company, some of the salient ones you have seen and hopefully experience, like Capital One Shopping and Capital One Travel. Another example is Auto Navigator, which is a 3-party platform designed to reduce friction for consumers and dealers in buying and financing a car.
随着我们在技术栈上的不断升级，我们也抓住了公司各个业务线中涌现的新增长机会。一些代表性的项目您或许已经有所了解甚至亲身体验过，比如Capital One Shopping和Capital One Travel。另一个例子是Auto Navigator，它是一个三方平台，旨在减少消费者和汽车经销商在购车及融资过程中的摩擦。
Most importantly, we continue to invest in our modern technology stack. The gap between the modern technology companies fully in the cloud, built on modern applications and data, and the rest of corporate America continues to grow. The modern tech companies are well positioned to win as the world continues to evolve, and we have spent years to become one of them.
最重要的是，我们始终持续投资于现代技术架构。如今，完全基于云端、建立在现代应用程序和数据基础上的科技公司，正在与美国其他传统企业之间拉开越来越大的差距。在全球不断演进的过程中，现代科技公司具备天然的竞争优势，而我们多年来的努力，正是为了跻身这类公司之列。
The rage of the world is AI. Some aspects of the AI revolution will be broadly accessible to all companies and other aspects will be very exclusive. Most companies will benefit from the transformation in how work is done that will be available through third-party AI tools but only the companies built on a modern tech stack and deeply invested in data will be in a position to reinvent their business model to put AI at the heart of operations, risk management and the customer experience. The opportunities are transformational, and we are well positioned in that quest. But these opportunities require sustained investment in AI and in AI talent, and we are doing that.
当前最热门的趋势是人工智能。AI革命的某些方面将对所有公司开放，但另一些方面则极具排他性。大多数公司将从第三方AI工具中受益，提升工作方式的效率；但只有那些构建在现代技术架构之上，并在数据能力上深耕投入的公司，才能真正重塑其商业模式，将AI深度嵌入到运营、风险管理和客户体验的核心中。这些机会将带来根本性的转变，而我们已经具备良好的定位和基础。但要把握这些机会，需要持续地投资于AI技术与人才，而我们正在坚定不移地推进。
in a company built for innovation and organic growth, I am struck by the number of compelling opportunities for innovation and value creation that we see. These opportunities are made possible by the choices we have made over the last many years. As I have been saying, these opportunities require investment, and for many of them, timing is critical as we strive to seize competitive advantage. Collectively, these investments across Discover and legacy Capital One are significant but they also will be the basis for our sustained growth and strong returns over the longer term.
在一家以创新和内生增长为核心构建的公司中，我们所看到的创新和价值创造机会之多，令人振奋。这些机会之所以可能，得益于我们过去多年来所做出的选择。正如我一直所说，这些机会需要投入，而且对于许多机会而言，时机至关重要，因为我们正在努力争取竞争优势。从Discover到Capital One原有业务的整体投资是相当可观的，但它们也将成为我们实现长期持续增长和强劲回报的基础。
The opportunities we are describing here have been years in the making, and you have heard me talking about them for quite some time. Importantly, the earnings power of our combined company that we envision on the other side of the deal integration is consistent with what we assumed at the time of our deal announcement even though some individual variables have moved along the way.
我们今天谈到的这些机会，其实已经酝酿多年，您也听我反复提及许多次。更重要的是，尽管过程中某些具体变量有所变化，但我们对整合完成后合并公司盈利能力的预期，与我们在宣布交易时所设想的一致。
When I reflect on our journey from founding the company to where we are today, we got here by always working backwards from where winning is and driving the continual transformations and investments to get there. The choices we made over the years also created the opportunity for us to acquire Discover. And in the spirit of that quest, 38 years after the founding idea for Capital One, we find ourselves as well positioned as we've ever been to drive future success and value creation.
回顾我们从创立公司至今的旅程，我们之所以能走到今天，是因为我们始终从“成功的终点”反推，倒推出前进的路径，并不断进行转型与投资以实现目标。正是我们多年来做出的种种选择，让我们有机会收购Discover。秉持这一信念，在Capital One创始理念提出38年后的今天，我们正处于有史以来最有利的位置，能够推动公司未来的成功与价值创造。
And now we'll be happy to answer your questions. Jeff?
现在我们很乐意回答各位的问题。Jeff？
Jeff Norris
Thank you, Rich. We'll now start the Q&A session. [Operator Instructions] If you have follow-up questions after the Q&A session, the Investor Relations team will be available.
谢谢你，Rich。我们现在开始问答环节。[操作员指令] 如果在问答环节之后还有后续问题，投资者关系团队将会随时为您提供支持。
Josh, please start the Q&A session.
Josh，请开始问答环节。
Question-and-Answer Session
问答环节
Operator
[Operator Instructions] Our first question comes from Terry Ma with Barclays.
[操作员指令] 我们的第一个问题来自巴克莱的Terry Ma。
Terry Ma
Now that you've closed the acquisition, and I do appreciate the updated financial observations, but do you have any kind of updated thoughts on economics of the deal that you can share, whether it's earnings power over time or some sort of return targets that investors should be kind of thinking about?
你们现在已经完成了收购，我也很感谢你们提供了最新的财务观察，但你们是否有任何关于这笔交易经济效益的更新看法可以分享？无论是长期的盈利能力，还是投资者应考虑的某种回报目标？
Richard Fairbank
Terry, thank you. We're really glad to be in a position of finally being able to close the deal, and we're a number of weeks into being on the other side of that. I shared some comments in the prepared remarks about how we're thinking about continuing to be very much believing in the earnings power of our combined entity and also, of course, we're leaning into the opportunities that are classic Capital One in terms of really laying the foundation for longer-term earnings power on top of that. So we don't have any really -- other than my earlier comments, I don't have any further specific updates on that, but we certainly are very bullish about the deal and the economics and earnings power and opportunities on the other side.
谢谢你，Terry。我们非常高兴现在终于完成了这笔交易，已经进入交易后的运营阶段数周了。我在前面的发言中也提到，我们依然非常相信合并后公司的盈利能力，当然，我们也在积极把握那些体现Capital One一贯风格的机会，为长期盈利能力打下基础。因此，除了我刚才分享的观点之外，我们目前没有其他更具体的更新，但我们确实非常看好这笔交易的经济效益、盈利潜力以及未来蕴含的机会。
Terry Ma
Got it. And then as a follow-up, just on capital level, you mentioned you guys are doing your internal work. Any sense of the kind of timing of when you will kind of get that informed view and communicate that to investors? And then as I kind of take a step back, you guys were at 14% CET1. That's meaningfully above what legacy Capital One's target was of 11% and Discover's of 10% to 11%. Is there any reason why, on a consolidated basis, it would be kind of meaningfully different?
明白了。作为一个后续问题，关于资本水平，你们提到正在做内部评估工作。有没有一个大致的时间点，你们会形成一个明确的观点并向投资者传达？再从更宏观的角度看一下，你们目前的CET1为14%，这显著高于原Capital One的11%目标，也高于Discover的10%到11%。在合并之后，有没有什么理由使得这个合并后的目标会显著不同？
Andrew Young
Yes, Terry, having closed the deal just a couple of months ago, we are just getting full access to all of Discover's customer-level data, and we need to run all of that information through our models. And so while we receive the SCB from the Fed, and it declined to 9%, as you well know, that number has fluctuated from 10.3% to 7% over the last handful of years, so we think about capital largely through the lens of our internal assessment of our longer-term capital need versus the Feds, which is why we need to do that modeling.
是的，Terry，我们是在几个月前刚刚完成交易的，目前刚刚获得Discover所有客户层级的数据，我们需要把这些信息都输入到我们的模型中进行评估。尽管我们已经从美联储那里得到了SCB（压力资本缓冲）为9%的结果，你也知道，这个数字在过去几年间曾在10.3%到7%之间波动，所以我们更多是从公司自身对长期资本需求的内部评估角度来看资本，而不仅仅是依据美联储的标准，这也是我们为什么要进行建模分析的原因。
And so we are still in the middle of that work right now. I will say that we're not finding anything surprising at all in our analysis. And we feel comfortable that at 14%, we're operating with excess capital above the long-term need of the combined company and we have the flexibility with our repurchase actions as we're operating under the SCB, but we need to complete that work. So as we get closer to finishing the work, I think it's reasonable to assume that we'll begin to step up our repurchases from recent levels, but we look forward to sharing an update more broadly on our work when it's complete.
我们目前仍在进行这项工作。不过我可以说，到目前为止我们的分析没有发现任何令人意外的情况。我们认为14%的CET1意味着我们拥有超过合并后公司长期所需的资本储备，并且在SCB规则下，我们在股票回购方面也有灵活性。当然，我们仍需完成相关的建模工作。所以当我们接近完成时，我认为可以合理预期我们会在近期水平基础上逐步加快回购节奏。同时，我们也期待在工作完成后向市场更全面地更新这一进展。
Operator
Our next question comes from Rick Shane with JPMorgan.
下一位提问者是来自JPMorgan的Rick Shane。
Richard Shane
Look, I'm going to break my own personal role here. Congratulations on this completion of the acquisition. It's transformational, and it's going to be very interesting to see what happens from here.
我要打破一下我个人的一贯风格，先恭喜你们完成这笔收购。这是一次具有变革意义的交易，接下来的发展将会非常有看头。
Rich, you had alluded to the fact that the integration expenses are going to be above the initial $2.8 billion target. Could you help us understand that more specifically? And also, could you put into context where you're seeing the opportunity for incremental investment so that, that way, we can sort of translate what the opportunity would be?
Rich，你刚才提到整合费用将高于最初预估的28亿美元。你能不能更具体地说明一下？另外，你是否可以从整体上讲讲你们在哪些方面看到了额外投资的机会，这样我们就可以更好地理解这些投资背后的潜在价值？
Richard Fairbank
So Rick, thank you. Thanks for your congratulations. It's been a long time coming. We're all very excited about it, and I know our investors are pretty excited as well.
谢谢你，Rick，也感谢你的祝贺。这确实是一个等待已久的时刻。我们大家都感到非常兴奋，我知道我们的投资者也一样。
With respect to the integration costs, I think when one embarks on a thing at the very beginning as we're undertaking a deal, we do our very best to take all the different things that would be involved in integration and go around the house and ask everybody what they think and add it up. And basically, this is just a matter of as we get deeper into it, it is coming in. So it's coming in -- well, first of all, we don't have an absolute definitive final estimate of it, but it's coming in somewhat higher. But it's not in any one thing, it's really just across a variety of the many elements of this deal. So as we got a sense it was going to be somewhat higher, we just wanted to flag that.
关于整合成本的问题，我想说的是，在交易初期我们会尽最大努力估算整合所涉及的所有事项——我们会在公司内部走一圈，问各个团队的看法，然后加总起来。现在的问题是，随着整合工作的深入，我们看到成本整体上“略高于预期”。首先我们还没有一个最终确定的数字，但的确是有所上升。不过这并不是因为某一项成本大幅超出预期，而是分布在多个方面的整合事项上都有所增加。正因为我们感觉整合成本会高一些，所以我们选择提前向大家预告这一点。
The investments, let me talk about the investments here. Everything that I talked about in my remarks a few minutes ago about investments are investments and opportunities we've been talking about for some period of time. So we're not unveiling something brand new that we've never talked about before. But the point I really wanted to make, and why I took the time to share that conversation, is that all of these opportunities we have been pursuing for a long period of time, and they stand on the shoulders of investments we have been making for a very long period of time, most notably the investment in transforming the tech stack of Capital One, but also very much investments in brand and deep, deep investments over many, many years on data and analytics and things like machine learning and AI itself.
接下来我来谈谈投资部分。我刚才在发言中提到的所有投资内容，都是我们过去已经谈论过一段时间的投资方向和机会，不是突然冒出来的新话题。我之所以要花时间专门讲这一点，是因为这些机会我们已经追寻了很久，而它们都建立在我们多年来持续投资的基础之上，尤其是我们对技术架构的改造、品牌建设、以及在数据、分析、机器学习和AI方面的长期投入。
So the point that I was sharing with you is, as we move up the tech stack and get deeper and get closer in the pursuit of these opportunities, we find these opportunities are -- we're very excited about these opportunities and some of the opportunities are sort of accelerating as we look at them. But the only way to get there from here is to lean into the investments. We've been investing for quite some time, but our point was we're going to really be leaning in from here to pursue this set of opportunities that, if I calibrate relative to the whole history of founding and building Capital One, the portfolio of opportunities we have is the broadest and biggest set of opportunities that I've seen in our history. But the only way to get there is with investment.
我想表达的核心观点是：随着我们在技术栈上的不断上移、对各项机会的不断深入推进，我们看到了一些非常令人振奋的机会，有些甚至正在加速浮现。但从现状走向这些目标的唯一方式，就是继续加大投资。我们此前已经投入了不少，但现在的重点是“进一步加码”，去追逐这一系列机会。如果我从Capital One的创立以来来衡量，目前我们面前所拥有的机会组合，是公司历史上“最广泛、最大规模”的一次。但要抓住这些机会，必须依靠持续投资。
And you know the Capital One philosophy, we get very rigorous about what the opportunity is and what it costs to get there, but we lean into those investments. And I think that the value creation for our investors on the other side of this, consistent with the philosophy we've taken in the whole history of building Capital One, I think there's a lot of value creation opportunity. But we're going to invest significantly to get there.
你也了解Capital One的哲学，我们会非常严谨地评估每一个机会以及实现该机会所需的成本，但我们也会坚定地进行投资。我认为这些投资背后蕴含着巨大的价值创造潜力——这与Capital One一贯的发展思路高度一致。我们相信这会带来长期的价值回报，但也必须承认，要实现这些目标，我们还需要进行大量投入。
Operator
Our next question comes from Sanjay Sakhrani with KBW.
下一位提问者是KBW的Sanjay Sakhrani。
Sanjay Sakhrani
Rich, obviously, Discover was working through a number of credit issues and not really leaning into growth like Capital One had been. I guess since credit is now somewhat under control there, do you expect to sort of lean into growth at Discover as well inside of Prime as we look forward?
Rich，很明显，Discover之前在处理一些信用问题，因此并没有像Capital One那样积极推进增长。现在这些信用问题似乎已经得到了一定控制，你们是否也计划在Prime信用客户群中推动Discover业务的增长？
Richard Fairbank
Yes, Sanjay, we do plan to lean into growth opportunities with Discover. Let me comment just a little bit about their card business and sort of -- and you've seen this from the outside, but just sort of standing back and talking about it.
是的，Sanjay，我们确实计划在Discover上寻求增长机会。让我先简单讲讲他们的信用卡业务——你从外部可能也有所了解，我这里再稍微从宏观角度谈一下。
It's an amazing franchise they've built over the years. The credit losses got higher than they expected, probably higher than anyone expected due to a number of choices that were made in the preceding years, and they very proactively stepped in and dialed back and went a little bit more back to the basics of how they had built their franchise. And that has muted their originations and their growth over this period of time, but they were very important choices, and it's also been powering their good credit performance. And just as an example, their most recent vintages are coming in a lot better than prior years. And it's a manifestation of pulling back.
多年来他们建立了一套非常出色的信用卡体系。此前由于一些战略决策，他们的信用损失高于预期，甚至可以说高于任何人的预期。因此，他们非常积极地采取行动，开始收缩业务，回归到当初建立这块业务的一些基本原则。正因为这种主动的收缩，他们在此期间的放款量和增长受到了压制，但这些决策是至关重要的，也直接促成了当前良好的信用表现。举个例子，他们最新一批的放款组合表现比前几年好多了，这就是收缩带来的效果。
Now when pulling back happens, the growth is somewhat muted, and that's the situation that they're in. Now we're coming in and getting to know them and their impressive card business, and we like the products. So we plan to continue their flagship credit card product. They have an amazing student lending business that we're very excited to continue to -- not student lending, sorry, student credit card business. We're excited to continue to lean into that. They've been very successful in a secured starter card business that they have had. So from a product point of view, we're going to continue to lean into the business.
当然，业务一旦收缩，增长也会受到抑制，这正是他们目前的状态。而现在我们进来了，正逐步了解他们这块令人印象深刻的信用卡业务，我们非常认可他们的产品。因此我们计划继续推出他们的主力信用卡产品。他们还有一块非常出色的学生信用卡业务（不是学生贷款），我们也很希望继续推动发展。此外，他们在担保型的入门卡领域也做得很成功。因此从产品角度来说，我们是会继续投入的。
We've spent a lot of time looking at their customer experience. They score very high on metrics that we ourselves collect, not just their own collected metrics, but we ourselves in calibrated metrics in the industry, great, great customer experiences and very high levels of customer engagement. So we are adopting a lot of the sort of customer technology choices that they have made. They have a great servicing experience that we're going to very much try to just continue pretty much exactly what they're doing there.
我们花了很多时间研究他们的客户体验。他们在很多评分指标上都非常突出，而且这些不仅仅是他们内部收集的指标，也是我们自己在行业中评估的一些标准。他们的客户体验非常优秀，客户黏性也很高。因此，我们也会采纳他们在客户服务技术方面的一些做法。他们在客户服务上的体验做得非常好，我们会尽可能保留并延续这些做法。
And from a brand point of view, of course, Discover won't be a corporate brand anymore. But on the credit card side, envision it, Sanjay, as a very salient product brand. So we will lean into the opportunities there. It's going to be in the context of a little bit of muted growth at the moment. And I think as we fully get into there, there will probably be a few areas we will dial back around the edges. And I'm pretty confident there will be some areas where we will lean even harder into growth than they were. But it is certainly one of our goals: to lean in to grow the franchise and try to preserve the very special things that enabled them to build one of the great credit card companies in America.
至于品牌方面，Discover未来不会再作为一个独立的企业品牌存在。但在信用卡领域，Sanjay，可以把它看作是一个非常有辨识度的产品品牌。因此我们会继续抓住这块业务中的机会。当然，当前增长还是有些低迷的，但随着我们深入整合，可能会在某些边缘领域做出一些收缩；同时我也非常有信心，在一些方面我们会比他们过去更加积极地投入、推动增长。总的来说，推动Discover的持续增长，并尽可能保留那些曾让他们成为美国顶级信用卡公司的独特优势，这是我们明确的目标之一。
Sanjay Sakhrani
Just a follow-up for Andrew. Sorry to ask this question because I'm sure I can parse through all of this excellent disclosure that you provided in your comments to get to some of my conclusions. But just as we look ahead, what are some of the variables that we need to think about as a result of these purchase accounting changes? I heard you mention the NIM, having a 40 basis point tailwind because of the reclass of late fees and such. But maybe, Andrew, can you just like help us think through some of the progression of the major line items as a result of this?
请允许我追问一下Andrew，虽然我知道你在发言中已经做了非常详细的信息披露，我自己也可以去分析得出结论，但就未来展望而言，能否请你总结一下哪些关键因素会受到这些购并会计处理变化的影响？我记得你提到净息差（NIM）会因为滞纳金的重分类而有40个基点的提振。但或许你可以帮我们梳理一下主要财务项目的演变趋势？
Andrew Young
Well, I appreciate the acknowledgment, Sanjay. We worked really hard to disclose a lot, and I think you'll find not only in the presentation itself and in some of the footnotes, but also the monthly 8-K data that went out today, there are some additional disclosures around delinquency and charge-offs as well. So we really did our best to provide visibility into all of those pieces.
谢谢你的肯定，Sanjay。我们确实花了很多精力做了充分的信息披露，除了演示文稿本身和附注外，今天发布的8-K月度数据中也有一些关于逾期和冲销的补充信息。所以我们确实尽了最大努力提供各方面的透明度。
Reluctant to try to give you the full reconciliation of all of the metrics. I'd really point you to the couple of slides in the appendix because that very clearly spells out what are the implications to NIM, what are the implications to operating expenses. In the footnote there, you will see that we not only gave annual views, but we gave a quarterly view of this year.
要让我把所有指标都逐一对账可能不太现实，我还是建议你重点看附录中的几页幻灯片，其中清楚地列出了对净息差（NIM）的影响、对运营费用的影响。附注中不仅提供了年度视角，也提供了今年按季度的视角。
But for instance, you can see that NIM, given the very short life, for instance, of the non-PCD card loans, which are marked above par, that actually creates a net drag in the immediate term, but that burns off very quickly. And so the non-PCD -- I'm sorry, the PCD that carries forward is actually going to be a good guide to NIM over the course of multiple years.
举个例子，对于净息差来说，由于某些非PCD卡贷款（非购买信贷受损资产）久期很短，而且账面价值高于面值，因此在初期对NIM是有负面拉动作用的，但这个拖累会很快消失。而PCD（即购买信贷受损资产）的部分会随着时间推移成为我们观察NIM走向的良好参考。
So it's really hard to give you a succinct summary of all of those pieces, which is why we did our best to lay everything out as best we can. Of course, these are subject to some revisions over time, which is why I phrased it in the way that we did, but we're hopeful that these ultimately end up being the final marks.
所以真的很难用一句话概括所有的细节，这也是我们为什么尽可能把所有内容都详尽披露的原因。当然，未来这些数据可能还会略有调整，这也是我们在表达时比较谨慎的原因，但我们也希望这批数据最终就是我们所采用的最终标记。
Operator
Our next question comes from Ryan Nash with Goldman Sachs.
下一位提问的是来自高盛的Ryan Nash。
Ryan Nash
So Rich, you talked about significant sustained investment. I think the phrase was used several times to talk about acceptance, marketing, the tech stack and AI. And I think you know this will obviously create questions about how much all of this is going to cost. So is there anything that you can share that can give the market comfort that there isn't significant synergy reinvestment risk and that eventually, this will result in a more efficient, consolidated company over time?
Rich，你多次提到要进行大规模、持续性的投资，涉及受理网络、市场推广、技术架构和人工智能。我想你也知道，这自然会引发市场对这些投入成本的疑问。那么你能否分享一些观点，以减轻市场对协同效应被过度再投资的担忧，并让大家相信这些投入最终会打造出一家更加高效、整合度更高的公司？
Richard Fairbank
Thank you, Ryan. So when you think about the opportunities that we're talking about investing in, there are things I think investors have come to know over the years, and we have talked a lot about them. But it starts with the tech transformation itself. As I say, we're in the 13th year of our technology transformation. The world continues to evolve, and we continue to build the most fully modern aspect up and down the tech stack. There's still work to do with respect to that, but we've had amazing progress. And we're not just trying to modernize the company, but rebuild it in a way that is really way more efficient, way more able to scale up innovation, way more able to more effectively manage risk, credit risk, fraud risk, operating risk, and to create enhanced customer experience.
谢谢你，Ryan。我们正在投资的一些机会，其实多年来投资者已经非常熟悉了，我们也反复讲过。核心起点就是技术转型。正如我提到的，我们的技术转型已经进入第13个年头。世界在不断演变，我们也持续在技术栈的各个层面打造最现代化的架构。虽然还有工作要完成，但我们已经取得了惊人的进展。我们不仅仅是在进行现代化改造，更是在重构公司，使其效率更高、创新扩展能力更强、风险管理能力更好——无论是信用风险、欺诈风险还是运营风险——并且能够为客户带来更优体验。
在信用卡的低端市场更容易出现一家技术更好的企业，软件技术在复杂业务更能体现效率。
Collectively, we have found virtually all the things that we would like, the capabilities we'd like, for our company to have. They all have the same shared path, which is through the modernization of technology. So we will continue to invest there. And so I don't think there's anything from an investor point of view that would surprise them with respect to that. It's just that as we move up the tech stack -- it's a lonely journey when you're in the bottom of the tech stack, modernizing one piece of core infrastructure because until a lot of other things are modernized, it's hard to see the tangible benefits, but moving up the tech stack moves one closer and the ability to more monetize the opportunities.
我们所渴望的各种能力，几乎都指向一个共同路径，那就是技术的现代化。因此我们会持续在这一领域投入。从投资者角度来看，我认为这里没有什么会让他们感到意外。只是说，处于技术栈底层的改造过程是相对“孤独”的旅程，比如改造某个核心基础设施模块，在其他部分尚未现代化之前，很难看到立竿见影的效果。但一旦我们向技术栈上层迈进，机会的变现能力就大大提升了。
Then, of course, beyond that, we have now the whole Discover opportunity. And there's lots we're investing in terms of integration and things like that. But specifically, I call out that after this first wave of moving all of our debit card business and a portion of our credit card business onto the network to really capitalize on the tremendous scale, the scale economics in the network business, we really want to work to move more volume there. And all roads in that quest lead through investing in international acceptance and then a global network brand. And we've talked a lot to investors about that. We're very compelled by the opportunities on the other side, but it's very clear to us that's a multiyear journey, and it's going to require quite a bit of investment.
此外，我们现在还有整个Discover带来的机会。我们在整合等方面也进行了大量投入。但我特别想强调的是：在第一阶段我们将所有借记卡业务和部分信用卡业务迁移到Discover网络后，为了真正发挥网络业务的规模效应，我们希望把更多交易量引导到这个网络中。而实现这一点的所有路径，都指向两个方向：一是加大国际受理覆盖率，二是打造全球网络品牌。我们与投资者已经讨论了很多这方面的内容，这些机会非常有吸引力，但我们也非常清楚，这将是一段多年的旅程，需要大量投入才能实现。
Additionally, let's talk about our national bank. We're the only major bank that I know of that is trying to build a national full-service bank organically. Everybody else is doing it through acquisitions. That requires a lot of investment. We've had a lot of success in building this, now bringing on the Discover network and seeing the traction that we're getting collectively in our business. These are very attractive -- we see great opportunity to continue to lean in, in fact, even lean in harder on building our national bank.
此外，让我们谈谈我们的全国性银行。就我所知，我们是唯一一家正在通过有机方式构建全国性全功能银行的大型银行。其他银行都是通过收购来实现这一目标的。这种方式需要大量投资。我们在这方面已经取得了显著成功，现在又引入了Discover网络，看到我们的业务整体上正在获得良好进展。这些都是非常有吸引力的机遇——我们看到了继续深耕的巨大潜力，实际上我们甚至希望在打造全国性银行上进一步加码投入。
And then, of course, there's the quest at the top of the market. We all see, even including over the last week or so, what players, the small number of players who are really focused on winning at the very top of the market, they're investing hard. But there's a reason they're investing hard because there is a great opportunity at the top of the market. And it's not an opportunity that is available widely to all the credit card companies, it requires a lot of sustained investment in brand building and technology and experiences and products, et cetera. So we're very pleased with the traction there.
当然，还有我们在高端市场的拓展之路。我们都看到了，甚至就在过去一周左右，真正专注于赢得顶级客户的那少数几家公司正在加大投资。但他们之所以这样做，是因为高端市场蕴藏着巨大的机会。这并不是所有信用卡公司都能轻易进入的领域，它需要持续不断地在品牌建设、技术、用户体验和产品等方面进行大量投入。我们对目前取得的进展感到非常满意。
And Ryan, each year in our quest, we find that while we're getting good growth in our card business, the highest, the fastest-growing part of our card business has been with the heavier spenders. And it's a continued indication of the success. As we keep moving higher in the marketplace, build the strength of our brand a little bit more each year, and that's something we're excited about. And the traction we're getting is validation to us of the payoff of continuing to invest there.
Ryan，我们在这条拓展之路上，每年都观察到一个趋势：虽然我们的整体信用卡业务保持良好增长，但增长最快的部分来自高消费用户群体。这持续印证了我们策略的成功。随着我们不断向更高端市场迈进，每年都在进一步增强我们的品牌影响力，这让我们倍感振奋。而我们获得的市场响应也印证了持续投资的回报。
As we have moved up the top of the tech stack, we also are building customer experiences to capitalize on being a company. If you pull up, Ryan, and think about this, we're not trying to just build a bank like the next bank down the street, we're trying to build a bank that is right at the heart of consumers' and businesses' financial lives with primary banking relationships and primary spending relationships. And we now have well over 100 million customers and the ability to, over time, leverage that franchise of very highly engaged customers with not just banking and credit card products but, in fact, build a much broader franchise with those highly engaged customers.
随着我们在技术栈上层的推进，我们也在不断打造面向客户的体验，以把握作为一家现代企业的战略地位。Ryan，换个视角来看，我们并不是要像街上的任何一家银行那样去构建银行业务，而是要打造一个深度融入消费者和企业财务生活核心的银行，成为他们的主要银行关系和首选支出平台。目前，我们的客户已超过1亿人，而且这些客户参与度极高，未来我们可以逐步将这部分用户资源从传统的银行和信用卡产品延伸至更广泛的服务生态，构建出一个更具深度的客户网络。
That's why we're leaning into opportunities like Capital One Shopping, Capital One Travel and Auto Navigator, each of which is much more deeply expanding our franchise, and each of them is getting a significant growth and traction and also able to leverage the size of our franchise, which, by the way, just got quite a bit bigger with this acquisition.
这正是我们积极推动Capital One Shopping、Capital One Travel 和 Auto Navigator 等项目的原因，它们每一个都在深度拓展我们的业务版图，并且都取得了显著的增长和市场响应，同时也得以充分利用我们现有的庞大客户基础——顺便提一句，这次收购又大大扩大了我们的客户规模。
So my point to investors is, and in a calibration across all the years I've been building Capital One, we've always taken the philosophy of working backwards from where winning is. And investing with our pencils sharpened and very rigorously from a value creation framework, investing on what it takes to win as the marketplace evolves, where we are at this time in the evolution of the company has probably the best opportunities that I've seen. And we are leaning into this. And also, as I mentioned, the earnings power, even as we look at the investments we're talking about here, the earnings power remains consistent in our estimation, remains consistent with what we expected at the announcement.
因此，我想向投资者传达的核心观点是：纵观我创办并发展Capital One至今，我们始终秉持“以终为始”的战略思维。从价值创造的框架出发，精准且严格地进行投入，投资于那些真正能赢得未来市场演进所需的要素。就公司当前所处的发展阶段而言，我们面临的机会或许是历史上最好的。我们正在大力投入。而正如我之前所说，尽管我们在这些领域进行了大量投资，但我们对公司的盈利能力预期依然保持一致，这与我们在宣布交易时的预期是一致的。
Operator
Our next question comes from Erika Najarian with UBS.
接下来是来自瑞银的Erika Najarian的提问。
L. Erika Penala
I'm going to just move off the expense question for a second and reask the question on capital. Fully appreciate that you're going through a review and fully appreciate the statement that you found nothing yet that's surprising. As we think about the 14% versus the legacy targets of Capital One and Discover, I guess another way to ask the question is how much time will you give yourself to optimize the capital to where you think the right level is for the company.
我先暂时不问费用相关的问题，想重新回到资本水平上。我们理解你们正在进行评估，也理解你们表示目前没有发现任何令人意外的情况。考虑到目前14%的CET1资本充足率，以及Capital One和Discover过往设定的目标，我想换种方式提问：你们打算给自己多少时间来将资本水平优化至你们认为最合适的位置？
Andrew Young
Yes. Well, there's two parts, I think, to that question, Erika. One is kind of what level are we heading towards, which is also impacted, at any point in time, by what's just happening more broadly around us, which then spills into the second piece of it, of how much do we want to be repurchasing at any one moment in time. So I don't have a precise answer for you. Of course, there is some upper bound in terms of SEC limitations to repurchases. But really, what I would point you to is we're going to work through the customer-level data, determine our longer-term capital need. And as we move towards finishing that work, I think the operative phrase that I said earlier is we'll likely begin to step up our repurchases from recent levels. But once that work is complete, which we're doing as quickly as we can, we'll provide an update at that time.
好的，Erika，我觉得你的问题可以分成两个部分。第一是我们最终想达到什么样的资本水平，这也取决于我们所处的更广泛宏观环境；第二是我们在某个时间点希望回购多少股份。这方面我目前无法给出一个精确的答案。当然，从SEC的规定来看，回购是有上限的。但我想强调的是，我们正在分析客户层面的详细数据，以确定长期的资本需求。等这部分工作接近完成时，我之前提到的重点是，我们可能会开始逐步提高回购力度。我们正尽快推进相关工作，完成后会向市场提供进一步的更新。
L. Erika Penala
And just a quick follow-up for me. Ryan mentioned it was important to investors. And I just picked up on something that Rich said at the end of his answers to Ryan, which is that EPS power remains consistent with how you thought about it in the beginning of this journey with Discover. And I guess if I break it down, your integration expenses are coming in a little heavier than the $2.8 billion. You did mention, you did reiterate the synergy targets, which I would surmise to include the expense synergy target.
我还有一个简短的追问。Ryan提到这一点对投资者很关键。我也注意到Rich在回答Ryan时最后提到的一点，就是每股收益能力仍然与你们在启动这次与Discover交易之初的预期一致。如果细分来看，整合支出确实比当初预计的28亿美元更高了一些，但你们也重申了协同效应目标，我理解其中包括了费用协同。
So I guess the last piece that everyone is trying to get at is does the run rate of expense growth, that flipped, for lack of a better word, legacy Capital One accelerate? And I guess based on the explanation of what you're investing in, it seems like that would have been the case. But then, Rich, threw in EPS power should remain consistent with what you originally thought. So again, I know we're belaboring a point but I think it's critical for investors as we think about the pro forma EPS power of this company.
所以我想现在大家真正想弄清楚的是：Capital One原有业务的费用增长速度是不是加快了？从你们目前所说的投资方向来看，似乎确实是这样。但Rich你又说每股收益能力仍与初衷一致。所以我们知道这个点可能被问了很多次，但我们认为从合并后的每股盈利能力来看，这是个非常关键的问题。
Richard Fairbank
Yes, Erika, I think you were breaking up a little bit, but we got the essence of what you were saying there. So Capital One and Discover have both historically had strong earnings power. And in combining them, we can create a very strong institution and, of course, also add synergies. There have been many moving pieces since we announced the deal in both companies' actual operating results and investment choices and, of course, in the broader economic, competitive and credit backdrop. Since the deal announcement, individual line items have, of course, drifted, but the net drift has so far been in a favorable direction. At the same time, the opportunities and the investment associated with them have also grown. So we estimate that the net earnings power of our combined company as it emerges from integration is similar to our estimates in the deal model.
是的，Erika，你的声音有些断断续续，但我们大致明白了你的意思。Capital One和Discover一直都有强劲的盈利能力，两者合并后，我们有能力打造一个非常强大的机构，并且实现协同效应。自交易宣布以来，两家公司在实际运营结果、投资决策方面，以及更广泛的经济、竞争和信贷环境中都有许多变量发生了变化。各个项目的具体数值当然有所波动，但目前为止总体上的偏离方向是正向的。同时，相关的机会和所需的投资也在扩大。因此，我们目前估算，合并公司在整合完成后所具备的整体盈利能力，与我们最初交易模型中的预期是一致的。
Operator
Our next question comes from Moshe Orenbuch with TD Cowen.
下一位提问者是来自TD Cowen的Moshe Orenbuch。
Moshe Orenbuch
Rich, a couple of times you kind of alluded to competition in the high end of the card business. I was hoping you could kind of give us your sense as to how that's likely to evolve this year given what you've got going on at 2 of the major competitors, perhaps 3, if you include all of the ones that have made announcements thus far, and whether there are any elements of the transaction that will be kind of helpful to Capital One in addressing that. And I do have a follow-up.
Rich，你在讲话中几次提到高端信用卡市场的竞争。我想听听你对今年这方面竞争趋势的看法，尤其考虑到目前已有两家，甚至三家主要竞争对手已有相关动作。你觉得这笔交易（指并购Discover）中是否有什么要素能帮助Capital One更好地应对这种竞争？我之后还有一个跟进问题。
Richard Fairbank
Yes, Moshe. So when we look at the competitive environment, I've said for years, competition is very intense in the card business. Certainly, most striking of late has been competition at the very top of the market. And before we get into specifically sort of things that happened over the last couple of weeks, 2 areas that the stakes have gone up and the investment required has sort of gone up to be at the highest level, is in lounges. And you see a little bit of the sort of like an arm's race, that's probably not the right word, but certainly, the effort of the biggest players at the top of the market to build their own lounges in addition to offering a partnership, a network of lounges through partners.
Moshe，我们来看整个竞争环境，我这些年一直在说，信用卡业务的竞争是非常激烈的。最近最引人注目的，是在高端市场的竞争变得尤为激烈。先不谈过去几周的具体事件，我们已经看到在两个方面竞争门槛和投入都显著上升：一个是机场贵宾室的布局。你可以看到一些“军备竞赛”——可能这个词不是特别准确，但确实是几家最大玩家在构建自有贵宾室方面展开的较量，同时他们也通过合作伙伴提供广泛的贵宾室网络。
And Capital One has been doing that, and we're very, very pleased with the 4 lounges, I guess, 5 lounges that we have now -- I guess, 5 plus, what we call the landing, the one we have at Reagan National Airport. So that's one of the areas that there's a lot of competition, but the research shows people really care about lounges. And so we understand that's part of the game, and we are very pleased with the customer reaction there, the traction, the volumes and the pickup in our own originations that we think is coming from that.
Capital One 也一直在积极推进这方面的布局。我们现在有4间——不对，是5间贵宾室，再加上我们在里根国家机场的“Landing”空间，所以总共是5间加一个。这个领域的竞争确实很激烈，但调研显示，消费者真的很在意贵宾室的体验。因此我们明白这已成为竞争的一部分。而客户对此的反馈非常积极，我们的业务量、使用率和新增客户都得到了不错的提升，我们认为这些都与贵宾室投入密切相关。
Another area of competition at the top of the market is competition in marketing spend and competition in creating unique access for customers. We also, in this space, have been very pleased with some of the unique access we've been able to offer. Obviously, our Taylor Swift partnership has been a special opportunity for us. But the flip side of some of the investments required is that a small number of players, I think, are separating from the pack relative to their offerings and the extent of their commitment to this space. So I think competitively, there are real opportunities on the other side of the sort of higher stakes of investment.
另一个高端市场竞争的领域是市场营销支出，以及为客户提供独特专属体验的能力。在这方面我们也很满意，例如我们和Taylor Swift的合作，就是一次非常独特的机会。当然，这些投资的另一面是，现在只有少数几家机构真正愿意长期深耕并大力投入，因此我认为，从竞争的角度看，虽然门槛高、投入大，但这也意味着机会是真实存在的。
We then get to the products, and it is striking that at the top of the market, both Chase and American Express have made announcements about things that the -- well, with American Express, we haven't seen what they're going to come out with. But certainly, on the Chase side, we have seen a higher fee, on the one hand, but also ramping up some of the rewards and also extending the list significantly of sort of the opportunities more on a coupon type basis that can come. So it's very clear, both -- and Amex, they've already been on a similar path there for a number of years. And I think that we would expect they'll come out with some enhanced offerings there.
我们再来看产品方面，在高端市场，Chase和American Express都已宣布了一些举措。虽然我们还未看到Amex最终会推出什么，但Chase那边我们已经看到他们一方面提高了年费，另一方面也增强了奖励力度，并显著扩展了各类优惠和“电子券式”的权益清单。显然，Amex在这方面已经走了多年，而我们也预计他们会推出一些升级版的产品。
We have crafted our strategy at the top of the market to not just be going out and try to exactly copy what the others do, but to try to create something that, in its own way for the right customers, is an absolutely best-in-class experience. So take our Venture X product. First of all, in terms of the earn rates on Venture X, it's earning at the 2x rate, which is the higher earn rate than some of the competitive products. Other products have co-brand relationships with airlines, and there are both a lot of expenses there, but also unique offerings. We instead have the any airline and sort of the unique aspects of the 2x on everything with Venture X.
我们在高端市场制定的战略，并不是去模仿竞争对手的做法，而是力图为目标客户打造真正一流、差异化的体验。以我们的Venture X产品为例，在返现比率方面，它提供2倍积分的累积速度，这比一些竞争对手产品更优。其他产品可能依赖与航空公司联名合作，这一方面带来高成本，另一方面也带来了一些专属权益。相比之下，Venture X的特点是对“任意航空公司”有效，并且在所有消费上都提供2倍积分，这构成了它独特的价值主张。
But what I would share with you is we are very pleased with the traction on Venture X. You've seen us on television continuing to tell our story. And I think that as other competitors come out with their plays that are different from ours, there continues to be, I think, quite a lot of open space at our price point and our collective set of offerings and experiences that really, I think, offers a lot of opportunity for us. So we're leaning in hard with Venture X, and then we're continuing to build enhanced capabilities across digital experiences, product offerings, lounges and special preferred access that I think will continue to position Capital One in a very attractive way in the competitive environment.
我想说的是，我们对Venture X目前的市场反馈感到非常满意。大家也在电视广告中看到我们持续在讲述这张卡的故事。即使其他竞争对手也推出了各自不同的产品，我认为，在我们的价格区间和整体权益体验的组合方面，市场仍然有很大的空间。我们会继续大力推进Venture X，同时也在持续增强数字化体验、产品设计、贵宾室服务和专属客户权益等方面的能力，我相信这些都会让Capital One在竞争中处于非常有吸引力的位置。
You asked about the network and basically, adding Discover, what impact will that have. Certainly, adding the scale of Discover certainly helps us with respect to just more opportunity to -- even though Discover was not a top-of-the-market player. But then I think also, Moshe, down the road, longer term, I think we see opportunities on the network side of the business relative to the higher end of the market. But I think that's an opportunity that is more way down the road than one in the near term. Thank you.
你还问到了网络方面的问题，具体来说是整合Discover会带来什么影响。毫无疑问，Discover的加入会带来规模上的提升，为我们创造更多的机会——尽管Discover本身并不是高端市场的主力玩家。但Moshe，我认为从长期看，我们在网络业务层面也能在高端市场找到更多机会。不过，我也要说，这是一个更长期的发展方向，短期内不会马上实现。谢谢。
Moshe Orenbuch
Maybe just as kind of a follow-up. One of the things that we've thought about a little bit is using the benefit of unregulated debit interchange to help build the banking franchise and to go to a rewards checking model. And you talked about the banking franchise and some of those impacts. Could you talk about how you see that, now that you've got access to this and can start migrating your debit accounts?
也想进一步追问一下。我们最近的一些思考是，利用未受监管的借记卡交换费优势来推动银行业务的扩张，比如发展带有奖励机制的支票账户产品。你刚才也谈到了银行业务和相关影响。现在你们已经获得了这方面的资源，并可以开始将借记卡账户进行迁移，你们对此是怎么看的？
Richard Fairbank
So our national bank strategy has always been about offering industry-leading products backed by a business model that can economically support that. So when you think about that, we have a full-service digital bank. There are a lot of folks out there with digital banking capabilities. A key differentiator is Capital One has full-service digital banking. We do believe physical presence matters, and our research continues to confirm that. Even ironically, so many people say, "Yes, I never go in the branch." But in their choices, physical presence does matter to a lot of people. And that's why we have built our thin distribution model of these sort of showroom branches.
我们的全国性银行战略一直是提供行业领先的产品，并以可持续的商业模式作为支撑。从这个角度来看，我们是一家全功能的数字银行。虽然很多机构都在发展数字银行功能，但Capital One 的一个关键区别在于我们是全功能的数字银行。同时，我们确实认为实体网点的存在是有意义的，我们的调研也不断印证了这一点。很有意思的是，虽然很多人说“我从不去银行网点”，但在他们实际的选择中，实体网点对很多人来说仍然是重要的。这也是为什么我们打造了一种“精简布局”的网点模式——类似于展示厅的实体分支。
But again, importantly, working backwards from having the economics, that's different from a branch on every corner kind of a thing. So the economics of this have supported a product offer that's industry-leading: no fees, no minimums and no overdraft fees. And no other major bank has a primary offering that matches that. And actually, our product offer is democratizing banking by making it available to anyone at no cost, and customers have responded very positively.
但更重要的是，我们的出发点是从商业模式出发来倒推设计，而不是“在每个街角都设个网点”的传统思路。这样的商业逻辑支撑了我们的产品定位——行业领先，不收费用，没有最低余额限制，也不收透支费。没有其他大型银行能在主力产品上做到这一点。实际上，我们的产品设计实现了银行服务的民主化，让任何人都可以免费获得这些服务，客户对这种模式也给予了高度认可。
便宜永远不是好的策略。
Now let me turn to Discover. Discover has a small portfolio of cash-back debit cards. We plan to keep those customers in their current product. And with the benefit of the network now and bringing Discover on, we are raising the investment levels in our flagship product to help propel our national bank growth with a very successful industry-leading value proposition that has gotten us here. So we are keeping what Discover had for its customers, and we will lean into our industry-leading banking product going forward.
接下来我们来看Discover的情况。Discover本身有一个规模较小的返现借记卡产品组合，我们计划保留这些客户的原有产品。同时，借助现在整合后的网络优势和Discover的加入，我们将加大对Capital One主打产品的投资力度，继续推动我们全国性银行的发展，而这一增长正是建立在我们已有的、非常成功的、行业领先的客户价值主张之上。所以我们会保留Discover原有客户的产品设置，同时也将大力推进我们自己的主力银行产品。
Operator
Our next question comes from Don Fandetti with Wells Fargo.
下一位提问者是来自富国银行的 Don Fandetti。
Donald Fandetti
Rich, can you share a little bit more about your international acceptance build-out plans? I'm just trying to think if there's a way you can help size it or talk about how the expenses get funded because I guess the revenue benefit of moving the bulk of the credit cards over to the network happens after you get the acceptance. And if there are any sort of guidepost or targets that you have, that would be helpful.
Rich，你能否多谈一点关于你们国际受理网络拓展的计划？我在考虑你是否能帮助我们估算一下规模，或者说明这些支出是如何获得资金支持的。因为我理解，只有在获得国际受理能力之后，才有可能将大量信用卡交易迁移到自有网络上以实现收入增长。如果你有一些参考指标或目标，那会很有帮助。
Richard Fairbank
Don, we, of course, haven't been in the network business. So over the course of, what was it, 15 or 16 or 17 months of pre-deal, we did everything we could to learn about the network business. We brought in a bunch of consultants to teach us everything they knew about that. And now especially, as we get on the other side of this, we are really going to school on the amazing learnings we're able to get with Discover.
Don，我们之前当然从未涉足网络业务。因此在交易达成前的15、16或17个月里，我们尽一切努力去学习这个领域的知识。我们请来了大量顾问，把他们所知道的都教给我们。尤其是现在我们已经完成交易并正式拥有Discover之后，我们正在深入学习他们在这方面积累的宝贵经验。
And I really want to say it, I've seen a lot of scale businesses in my days, and just about every banking business I've ever seen is really quite scale-driven. I've never seen any business as scale-driven as a network because the marginal cost of a transaction is virtually 0, and the fixed costs are high in a business like that. So it's not an accident that there are 2, Visa and Mastercard, enormous companies, and that most banks around the world don't have enough scale to have their own network even if they could solve the chicken-and-egg problem to get there. So we look at this, and we're certainly blessed to have a network.
我想特别强调，我过去见过很多依赖规模的商业模式，几乎所有的银行业务都是高度依赖规模的。但我从未见过像支付网络这样的业务对规模的依赖如此极端。因为在这个行业中，每笔交易的边际成本几乎为零，而固定成本却非常高。这也就是为什么全球只有Visa和Mastercard这两家如此庞大的公司能做到，而世界上大多数银行，即便能解决网络建设的“先有鸡还是先有蛋”的难题，也没有足够的规模来建立自己的网络。因此，从这个角度看，我们能够拥有一张支付网络，是非常幸运的事情。
And I am struck that given Discover's really small scale -- domestically, pretty small scale, but globally, strikingly modest scale, I am struck at how extensive the international acceptance that they have already built is. Now it's not up to the levels that we would really want it to be in order to move more internationally traveling customers there. But I certainly was surprised at how good it is relative to the scale and sort of thinking about the challenge they have to get there.
让我印象深刻的是，虽然Discover的规模确实不大——在美国境内就已经算小了，在全球范围内就更加微小——但他们所建立的国际受理网络已经相当广泛。虽然它还远未达到我们理想的水平，也无法支撑将更多国际出行客户迁移过去，但考虑到他们的体量以及实现这一切所面临的挑战，他们在这方面的成果确实让我感到惊讶。
But here's the inspiring thing. They've already built pretty good international acceptance, and they have a playbook to do it that is the same playbook one would use to get quite a bit more international acceptance. And there are 4 ways basically to build international acceptance and 4 ways that Discover has cobbled together this international network acceptance: partnering with other networks; partnering with merchant acquirers; partnering with card-issuing financial institutions; and finally, going directly to merchants. And they used a combination of all 4 of those. We have sat with them and said, "How feasible is it to get more and how would you get more?" And the answer really is continue leveraging those 4 and just lean in harder and invest more than Discover has historically invested.
但最鼓舞人心的是，Discover 已经建立起了相当不错的国际受理网络，并且他们所采用的方法论完全可以用来进一步扩大这个网络。基本上，拓展国际受理网络有四种方式，而 Discover 正是通过这四种方式拼接起他们现有的国际网络：一是与其他支付网络合作；二是与商户收单机构合作；三是与发卡金融机构合作；四是直接与商户建立关系。他们采用了这四种方式的组合。我们曾与他们坐下来讨论：“要进一步提升国际受理能力有多现实？该怎么做？”答案是：继续利用这四种方式，只需要比 Discover 历史上投入得更多、更深入。
In the calibration of the hills that Capital One has taken on over time and the journeys and the investments we've done in the history of our company, this is right down the fairway of the kind of challenge we take on, working backwards from where winning is. We don't have an estimate of exactly what it will take. And there's also another thing of even what acceptance level is exactly what we need because this is something as we get into it and see our customers' experiences, it's a bit of a "you know it when you see it" kind of a thing. But what I'm comfortable with is the playbook is there and the opportunity on the other side of this is very clear because that is the path to help us move more volume to the other side.
在Capital One的发展历程中，我们已经攻克过很多类似的难题，付出了大量努力与投资。而这个国际受理网络的建设，完全符合我们一贯“从目标倒推路径”的战略模式。我们目前并没有一个确切的投入规模预估，也还无法界定“所需的受理覆盖率”应达到什么具体水平，因为只有真正推进过程中、通过客户的实际使用体验，才能感受到何为“足够”。但我可以确认的是，我们已经掌握了方法论，未来的机会也非常明确，因为这正是推动我们将更多交易量转移至自有网络的必经之路。
That, plus the building of -- I mean, Discover already has a network brand. When I talk about building a global network brand, picture something that has a more global -- it's more of a global brand, more of a market brand. And these are things working backwards from where we would try to go with our business down the road. So to us, it is a very clear path. It is classic Capital One, and we have taken on many challenges -- many opportunities like this and patiently worked backwards from demonstrated opportunities, and this is right in the wheelhouse of that.
此外，还有品牌建设——我指的是，Discover 目前虽然已经有一个网络品牌，但当我们谈到打造“全球网络品牌”时，我们设想的是一个更具全球属性、更具市场辨识度的品牌形象。这些工作同样是从我们未来希望达成的业务目标倒推而来。对我们来说，这是非常明确的路径，完全符合Capital One一贯的风格：从验证过的机会出发，耐心推动，解决看似艰难但充满潜力的挑战，而这次的网络建设正是典型案例。
Operator
Our next question comes from John Pancari with Evercore.
我们的下一个问题来自 Evercore 的 John Pancari。
John Pancari
Just to go back to the cost topic, again, the expense topic, sorry to go back to it. But just to clarify, what type of costs are included in the upfront integration costs that you indicated are likely to come in higher? And then what types of investments are netted against the $1.5 billion in cost saves that you set out?
我想再回到成本这个话题上来，抱歉又提起它。请问，您之前提到预计会高于原计划的整合初期成本，具体包括哪些内容？另外，哪些类型的投资会被计入您提出的15亿美元成本节约目标中的抵减项？
Andrew Young
John, I want to ask for clarification on the back half of your question. But in terms of what is included in the integration costs, we had deal costs. We are making additional investments in their risk management. We're integrating their people. We're moving them to our tech stack. So those are the components that were included in the integration costs. So it's not one specific thing that I would point you to in terms of what is increasing the integration and signaling that we think they might be somewhat higher.
John，我想请您稍微澄清一下您问题后半部分的意思。但就整合成本的构成而言，主要包括交易成本、在他们的风险管理方面的额外投入、员工整合、以及将其系统迁移至我们的技术架构等方面的支出。这些就是整合成本中包含的主要内容。因此，并不是某一项具体支出导致成本上升，而是整体多方面的投入使我们认为整合成本可能会略高于原计划。
But I didn't quite follow the second half of your question. So could you just repeat that?
不过我没有完全听清您问题的后半部分，您可以再重复一遍吗？
John Pancari
Yes. I was just trying to determine the difference between the type of costs that are included in the upfront integration costs that are coming in higher versus the type of investments, like the investments in the network, and investments in regulatory areas that may be netted against the net cost saves that you set out.
好的。我是想弄清楚，您提到的预计会上升的初期整合成本，和像网络投资、合规监管相关投资这些将来可能被计入净成本节约中的抵减项，它们在类别上有什么不同？
Andrew Young
Yes. So investments would include things like building out additional capabilities for debit on the network to enable future spend and increase customer engagement as opposed to, in the integration costs, that just reflects the sheer act of taking our debit volume and moving them on to their system. So philosophically, hopefully, that provides a bit of a window into the distinction between what is an integration spend versus what is an ongoing investment.
明白。投资项目会包括一些未来性的建设，例如在网络上增加借记卡相关能力，以推动未来消费并提升客户参与度。相比之下，整合成本则仅仅反映的是“把我们的借记卡交易量迁移至他们的系统”这一操作本身的花费。从理念上讲，希望这样的解释能帮助您理解“整合支出”和“持续性投资”之间的区别。
John Pancari
Right. So those investments, those ongoing investments that you mentioned, being that they are netted against the cost saves and that you feel good about or that you had indicated in your prepared remarks that you are on track to achieve the expected $2.5 billion synergies, so is it fair to assume that there's no implied expected change in those investments that are within that $2.5 billion?
明白。那么您刚才提到的那些持续性投资，既然会被计入成本节约的抵减项，而您又在准备稿中表示有信心实现预计的25亿美元协同效益，那么我们是否可以合理地假设：在这25亿美元框架下，这些投资的预期金额并没有发生变化？
Andrew Young
There are 3 pieces to this. Maybe I'll put it in my language to make sure we're saying the same thing. One are the integration costs, the $2.8 billion number that Rich referenced in his prepared remarks. Those are the necessary expenses, deal costs, people costs, integrating them onto our tech stack, moving our debit onto their network. The second piece are the cost synergies that we have identified as a result of bringing our 2 organizations together, and those cost synergies are fully intact. The third piece to it is additional investments that, in some ways, like Rich enumerated that we will be making beyond the current levels of investments in certain areas that we're making today.
这里我们可以拆成三个部分。也许我用我自己的语言来描述一下，以确保我们理解一致。第一部分是整合成本，也就是Rich在准备稿中提到的28亿美元的支出，包括交易成本、人员整合成本、系统迁移（例如将借记卡业务迁移到他们的网络上）等必要费用。第二部分是我们通过整合两家公司识别出的成本协同效益，这部分协同是完整保留的。第三部分是一些额外的投资，正如Rich所列举的，将用于我们当前已在投资的部分领域以外的新增投资。
So that is distinct from the achievement of the cost synergies that you articulated in the bucket. And I think you are netting the second and third category in your question, but I really want to create a firm distinction between those 2 things because the additional investments are things that will power future growth and create additional value. And the window or the evaluation process that we use for considering those investments are just like any other investment that we would make in Capital One, which is importantly distinct from achieving the synergies that we laid out in announcing the deal.
所以这部分额外投资，与您刚才提到的成本协同效益是分开的两个概念。我注意到，您的问题中可能是把第二部分（协同）和第三部分（新增投资）合并考虑了，但我想特别强调这两者之间的明确区别：新增投资是为了推动未来的增长、创造更多价值。而我们对这些新增投资的评估方式，也与Capital One历来评估其他投资项目的方式一致，这一点与我们在宣布交易时设定的协同效益目标是完全不同的考量框架。
Operator
Our next question comes from Jeff Adelson with Morgan Stanley.
接下来的提问来自摩根士丹利的Jeff Adelson。
Jeffrey Adelson
Most of my questions have been asked and answered. But just on the debit conversion, I know you sort of characterized this as something that can happen relatively quickly. Can you just give us an update on where you are in that process, how quickly you'll be able to pull that off, achieve the full debit interchange benefit on a run rate basis? And maybe what are some of the steps you need to take from here to go through that and complete the conversion? And as a part of that question, have you had any discussions with some of the largest merchants where your legacy Capital One debit customers are shopping today? Are those merchants on board with some of the changes that are coming forth? Or are there any sort of negotiation that needs to happen?
我大部分的问题其实已经被问到了。关于借记卡的转换，您之前提到这项工作相对可以比较快速推进。能不能请您更新一下目前的进展？您预计要多久可以全面完成转换，并实现借记卡交易在新的网络上的换算效益？另外，您还需要采取哪些关键步骤？还有一个相关问题，您是否已经和目前Capital One借记卡客户最常购物的一些大型商户进行过沟通？这些商户是否已经准备好接受即将到来的变化？是否还需要进行一些协商？
Richard Fairbank
Okay. Thanks, Jeff. So we began reissuing Capital One debit cards onto the Discover network with early pilot populations in June, and we expect the conversion to continue in phases through early 2026. We expect the majority of customers to be on the debit -- excuse me, on the Discover network by the fourth quarter of 2025, with all debit purchase volume running on the Discover network by early 2026.
好的，谢谢你，Jeff。我们从6月份开始，已向一小部分用户试点重新发行基于Discover网络的Capital One借记卡。我们预计整个转换过程将分阶段进行，并持续至2026年初。到2025年第四季度，我们预计大多数客户将转移至Discover网络，整个借记卡交易量将在2026年初完全过渡至Discover网络。
One of the real attractions to us of buying a network is the ability to have direct merchant relationships. It's sort of the way the market works. But when I think about founding Capital One and building a company where I always believed that the tip of the spear of the technology revolution in financial services would be payments. And so we built basically a payments company. And it's an odd thing to have one part of the value chain, a very important part in the value chain, run by an intermediary. And of course, it's reflective of how scale-driven the industry is, and that's kind of why it happens.
我们收购Discover网络最具吸引力的一个方面，是它让我们能够建立起直接的商户关系——这在这个行业中是一个关键能力。回顾我创立Capital One的初衷，我始终相信，金融科技革命的最前沿正是支付领域，因此我们基本上是打造了一家“支付驱动型”公司。而在价值链中有一个非常关键的环节，却要通过中间人来完成，这一直是一个不太合理的现象。当然，这也反映出这个行业对规模的高度依赖，这是造成这一状况的根本原因。
But elsewhere in our Capital One business, we have been working really hard to go direct to merchants and build direct merchant relationships because we have 100 million customers and merchants, every merchant has the same objective function: they want to drive more sales. And we have over 100 million customers that want to have better deals. So another sort of wing of Capital One is going direct to merchants and really being able to leverage our huge customer base and the massive investment we have made in data and technology, and over time, AI, to be able to create more value for merchants in areas like reducing fraud. We're way down that path in direct relationships with merchants, direct specific merchant-funded deals.
其实在Capital One的其他业务中，我们一直在努力实现“直连商户”模式并积极建立直接商户关系。因为我们拥有超过1亿的客户，而商户的目标始终如一：增加销售额。而我们的客户则希望获得更优惠的交易。因此，Capital One的另一大业务方向就是构建这种“直连商户”的生态系统，并且能够借助我们庞大的客户基础，以及多年来在数据、科技，乃至人工智能领域的大量投入，在如防止欺诈等方面为商户创造更多价值。目前我们在建立商户直连关系和推出由商户资助的定向优惠方面，已经走在前列。
So we're excited that the Discover acquisition allows us to now take this one piece of the value chain that was entirely run through intermediaries and for some of our business to really go direct. So as we do that, Jeff, we will continue to have conversations with merchants, and we also like to bring them data to show them the value that we're adding and the benefits of all of this, and the debit. And now moving more of our debit business will be another part of those conversations and the growing relationship with merchants. But we look forward to all of that. And the big picture point of a company, the scale of Capital One, really increasingly building a direct-to-merchant business model.
因此，Discover的收购让我们有机会将原本完全由中介主导的这一段价值链转换为直接连接的一部分，这是我们感到非常兴奋的地方。我们会在这个过程中继续和商户开展对话，也会向他们展示我们能带来的价值，包括更好的数据、更低的欺诈风险以及借记卡转移带来的新优势。未来，我们将有更多的借记卡交易纳入这些对话中，也会进一步深化与商户的合作关系。总的来说，Capital One这样一个规模的公司，现在有能力大力推动“直连商户”的业务模式，这是我们长期发展的重要方向。
Operator
Our next question comes from Brian Foran with Truist Securities.
下一位提问者是Truist Securities的Brian Foran。
Brian Foran
I know you haven't been big users of guidance historically, but there have been times where you set out these guideposts, whether it's the OpEx efficiency target, I think, there was threading the theme at one point, loss guidance, EPS guidance, those kind of things, when you're helping investors navigate periods of transition or trying to understand an issue.
我知道你们历来不太倾向于给出明确的指引，但过去也曾在某些时刻设定过一些关键指标，比如运营效率目标，或者亏损指引、每股收益指引等，用来帮助投资者理解转型期的状况或相关问题。
I know you're kind of deferring to give specific guidance right now, but is that something you're contemplating? I mean it is hard to look at the kind of numbers for 2Q with the mid-quarter close and all the adjustments and really get comfortable or confidence of what the core is going to look like over the next couple of quarters. Is there a thought of giving guidance on some high-level metrics or targets on returns or something like that? Or is it going to be a little bit more of a "chips fall where they may" philosophy?
我知道你们目前倾向于暂缓给出具体指引，但你们是否考虑过在未来给出某些高层次的指标或回报目标之类的指引？毕竟看到第二季度因为中途合并关闭以及各种调整导致的数据，想要真正了解核心业务未来几个季度的表现并感到放心或有信心，是比较困难的。还是你们更倾向于“顺其自然”的态度？
Richard Fairbank
Brian, thank you for your question. If I stand back, I go back to when the day we launched the IPO of Capital One, and I had spent a lot of years as a strategy consultant before that, a lot of time looking at companies and being inside companies. And one thing I was struck by is the role that guidance played in sometimes a well-intentioned thing ending becoming the objective function of the business instead of really creating value for investors.
Brian，谢谢你的问题。回想起来，从Capital One上市那天起，我之前作为战略顾问多年，深度研究和参与过许多企业，我深刻体会到，指引在企业中有时候会扮演一种角色——它本是出于好意，但最终却变成了企业追求的目标，而非真正为投资者创造价值。
And so what we have tried to do is not run the company through guidance. But instead, what we have done from the founding days, one of the first things that we built, is a business model of what I call horizontal accounting, where we were very struck that companies would make choices, working backwards from vertical earnings instead of rigorously measuring horizontal returns, the value of -- and we believe every choice that's made in the company, it ultimately has cost upfront and return. And we measure before, during and after what is the value that got created. And our business model is absolutely focused on, while we invest a lot, it is very focused on making sure that it's creating value on the other end of that, and that's been a hallmark of what we do.
因此，我们尝试避免以指引来驱动公司。相反，从公司成立之初，我们就建立了我所称的“横向核算”商业模式——我们发现很多公司是倒推“垂直”盈利指标来做决策，而我们更注重严谨衡量“横向”回报的价值。我们相信公司每一个决策都会先产生成本并期望回报，我们在决策前、中、后都会评估产生了多少价值。我们的商业模式绝对聚焦于，虽然我们投入巨大，但我们非常注重确保这些投入能带来相应的价值回报，这一直是我们的显著特色。
Now along the way, so we have hopefully tried to build a brand and a credibility with investors that our business model is one that builds long-term value. And hopefully, our track record speaks for that. We have chosen to give guidance from time to time where there are specific things that we think it's really important that investors understand on something that matters a lot to them and something where we have a perspective that can be very, very useful there. What we try to do is to really help investors understand why we are making the choices we're making and how everything we're doing is focused on building a franchise for the long term and create long-term growth and earnings power for our investors.
在这个过程中，我们一直努力打造一个品牌，并建立起与投资者之间的信誉，即我们的商业模式是能够创造长期价值的。我们也希望我们的业绩记录能证明这一点。我们会在某些关键时刻，基于我们认为投资者非常关心的具体事项，并且我们有独到且非常有价值的见解时，选择适时提供指引。我们努力帮助投资者理解我们为什么做出这些决策，以及我们所做的一切如何专注于构建长期的品牌价值，从而为投资者创造持续的增长和盈利能力。
So when I think about this important moment here, as we bring Discover into Capital One and think about all the earnings power and the opportunities that we have, my comments at the beginning were intended to give sort of a little bit of a bounding of how we're thinking about things by my comments about the earnings power even in an environment where some of the metrics have already moved the individual line items and in an environment where we see a particularly significant number of investment opportunities to indicate to investors that the earnings power we see out the other side of this is pretty consistent with what we saw at the beginning, knowing that everyone will take a back of the envelope and try to do their own estimations of that.
当我思考这一重要时刻——我们将Discover纳入Capital One体系，考虑我们拥有的盈利能力和各种机会时，我之前的评论意在大致界定我们对盈利能力的看法，尽管一些关键指标已经有所变动，而且我们面临大量的投资机会，但我想向投资者表明，我们预计合并后公司展现出的盈利能力与我们最初设想的相当一致，尽管每个人都会根据自己的判断做出粗略的估计。
But generally, I guess I would say our guidance is situational, and it's not that we never give it, I'm sure we will in the future on certain things. But I wouldn't want to set an expectation for investors that at a certain point here, coming out of the gate with Discover, that we're going to lay out specific numbers because it's probably not what we're going to do.
总体来说，我想说我们的指引是视具体情况而定的，并不是说我们从不提供指引，未来某些方面我们肯定会这样做。但我不希望投资者抱有这样的预期：即在合并刚刚完成、Discover正式加入之时，我们会立即给出具体数字，因为这很可能不会是我们的做法。
Operator
And our final question comes from the line of John Hecht with Jefferies.
最后一个问题来自Jefferies的John Hecht。
John Hecht
Thank you for all the information on Discover, the update on the Discover journey. I guess my question is going back to some of the traditional questions we'd ask you, Rich, is what's your -- I guess a 2-part question is all I have. What's your opinion on the state of affairs of the U.S. consumer? Has that changed in the last quarter? And have you noticed anything different between your customer set and the Discover customer set in terms of payment behaviors or spend behaviors?
感谢你们提供关于Discover的详细信息和最新进展。我想问两个传统问题，Rich。首先，你如何看待当前美国消费者的整体状况？上个季度有没有什么变化？其次，你有没有观察到Capital One客户和Discover客户在支付或消费行为上有什么不同？
Richard Fairbank
Yes. Thank you so much. So the U.S. consumer is in a great place here that we see the U.S. consumer as a source of strength in the economy. The unemployment rate remains low and stable. Job creation remains healthy. Real wages are, of course, growing steadily. Consumer debt servicing burdens remain stable and near pre-pandemic levels. In our card portfolio, we're seeing improving delinquency rates and lower delinquency entries and payment rates are improving on a year-over-year basis. Now of course, the circumstances of individual consumers and households will vary as they always do.
谢谢你的问题。目前美国消费者整体状态非常良好，我们认为他们是经济的重要支撑。失业率保持在低位且稳定，新增就业持续健康，实际工资也在稳步增长。消费者偿债压力稳定，接近疫情前水平。在我们的信用卡组合中，逾期率有所改善，新逾期账户减少，支付率同比提升。当然，个别消费者和家庭的状况会有所不同，这很正常。
And as we've mentioned in past earnings calls, some pockets of consumers are feeling pressure from the cumulative effects of inflation and higher interest rates. And we're still seeing some delayed charge-off effects from the pandemic, although the improving trend in our delinquencies suggest these effects are moderating. But on the whole, I'd say the U.S. consumer is in really quite good shape. And of course, like all of you, we're keeping a close eye on the potential impact of tariffs and other public policy changes. And sort of with the tariffs, there's been a lot of uncertainty. But for now, even in that area, of course, we've all seen markets rebound. Most economic metrics have remained strong. And we haven't seen any adverse signals in our credit performance in spend or in payments even in the most leading-edge data.
正如我们过去财报电话会议所提，部分消费者仍受到通胀和利率上升的累积影响，压力较大。我们仍然观察到疫情带来的部分迟发性坏账，不过逾期率的改善趋势表明这些影响正在减弱。总体来说，我认为美国消费者状况相当不错。当然，我们和大家一样，也在密切关注关税及其他公共政策变动可能带来的影响。关税方面存在较多不确定性，但目前市场已反弹，大多数经济指标依然强劲。即使是最前沿的数据，我们也未见到消费或还款方面出现任何不利信号。
Regarding differences between our Capital One customers and Discover customers on payment or spending behaviors, I would say that the portfolio of Capital One customers and Discover customers are not wildly different. Of course, there are differences in their product mixes and credit risk profiles, but there’s not a striking behavioral difference overall. We have taken care to integrate credit policies and management approaches as we bring the two companies together.
关于Capital One客户与Discover客户在支付或消费行为上的差异，我认为两者的客户群体差异并不大。当然，他们在产品组合和信用风险特征上存在差异，但整体行为差异并不显著。随着两家公司的整合，我们也在努力统一信用政策和管理方法。
We're also watching closely as student loan repayments and collections resume after a pause of almost 5 years. Specifically, we're watching the performance of card and auto customers with student loans and especially those customers whose student loans are now being reported as delinquent. So far, we haven't seen any spillover effects in these segments, but we'll continue to monitor this closely. So pulling way up, there's a lot of positive momentum in our performance, in our improving overall credit metrics and in the performance of our front book of new originations. So we'll keep a very watchful eye on the economy here, but I think, in a world of a lot of turbulence and if you read the news every day, you can think the world is falling apart, but actually, if we don't read the news and just look at what our customers are telling us with their behaviors, it is a picture of strength.
我们也在密切关注学生贷款偿还和催收工作在暂停近五年后重新启动的情况。具体来说，我们重点关注持有学生贷款的信用卡和汽车贷款客户的表现，尤其是那些学生贷款已被报告为逾期的客户。目前，在这些细分市场中我们尚未发现任何溢出效应，但我们将持续密切监测。总体来看，我们的表现、整体信用指标的改善以及新发贷款的表现都展现出强劲的积极势头。我们将继续密切关注经济状况。虽然当下世界充满诸多动荡，如果每天看新闻，可能会觉得世界正在崩溃，但如果不看新闻，仅凭客户的实际行为来看，情况是健康且充满力量的。
The Discover card performance, as we brought them on, we've been able to start unpacking performance across a number of dimensions. We're seeing credit improving in recent months. The loan and purchase volume growth has been muted due to their originations pullbacks in recent years. The customer engagement and loyalty metrics continue to be very strong. Discover has a little bit more of a revolver-oriented portfolio. All of us have revolvers. They have been a little bit more of a revolver-led business. We've been a little bit more of a spend-driven business model that, of course, has a bunch of revolving. And so we look forward very much to rolling up our sleeves and looking at some of the differences and I'm sure many of the great similarities between the 2. But pulling way up, the consumer is in a good place and both companies' card performance, the credit performance, is really very positive.
关于Discover信用卡的表现，自从将其纳入我们体系后，我们已经开始从多个维度分析其业绩。近几个月信用状况有所改善。贷款和消费额增长受限，主要是由于他们近年来发卡量有所收缩。客户参与度和忠诚度指标依然非常强劲。Discover的组合更偏向于循环信用卡。所有信用卡公司都有循环信用卡，但他们的业务更侧重于循环额度，而我们更多是以消费驱动的模式，当然也包含不少循环额度。因此，我们非常期待深入研究两者之间的差异，也相信两家公司有许多相似之处。总体来看，消费者状况良好，两家公司信用卡业务的信用表现都非常积极。
Jeff Norris
Senior Vice President of Finance
Thank you. That concludes our session for this evening. Thank you for joining us on this call today, and thank you for your interest in Capital One. Have a great evening, everybody.
谢谢大家，本次会议到此结束。感谢您今天参加电话会议，感谢您对Capital One的关注。祝大家晚上愉快。
Operator
Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.
感谢各位参与，今天的电话会议到此结束。您现在可以挂断电话。
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